Military Officer - September 2006 - (Page 22) rapidfire Picture This D o you have a photo that represents American patriotism? If so, enter MOAA’s 2007 Patriotic ber or spouse must own all rights to any photo entered in the contest. Each entrant may submit only one photo in each Photos can be color or black and white and in the form of prints or photoquality printouts no larger than 8 inches by 10 inches. Each photo submitted must be accompanied by an official entry form. Attach a label to the back of each print specifying the category and including your name, address, and telephone number. Do not write directly on the photo. Photos will not be returned. Entries must be received by no later than 4 p.m. Eastern time, March 31, 2007. Mail to MOAA Photo Contest, 201 N. Washington St., Alexandria, VA 22314. ON THE WEB ■ Download an entry form Dreams Can Come True Over the course of 55 years, The Scholarship Fund of MOAA has helped 8,500 students achieve their dreams of attending college. This year, all Combined Federal Campaign (CFC) or United Way contributions to the fund will go directly to Photo Contest. It’s open to all MOAA members and their spouses, including amateur and professional photographers. The mem- of four categories — camaraderie, military family, on duty, and vintage (for photos taken on or before Dec. 31, 1980). at www.moaa.org/magazine/ photocontest.pdf. Custodial Account Tax Update U niform Gift to Minors accounts and Uniform Transfer to Minors accounts — or custodial accounts — now require extra scrutiny as a result of the Tax Increase Prevention and Reconciliation Act of 2005 that was signed into law May 17, 2006. Prior to the new law, unearned income, such as interest, dividends, and capital gains, for children under age 14 was subject to the so-called “kiddie tax.” The first $850 in annual unearned income was received tax-free, but the next $850 was taxed at the child’s tax rate. Unearned income above this $1,700 threshold was taxed at the parent’s tax rate (usually much higher). The law extends the kiddie tax provisions to unearned custodial account income for all children under age 18. The change is retroactive to Jan. 1, 2006, which could pose a problem for parents who give stock to children ages 14-17 to sell at the child’s lower capital gains tax rate, especially if they already have done so in 2006. MILITARY OFFICER SEPTEMBER 2006 the American Patriot Scholarship Program, which awards grants to the children of military personnel who have died during active service. Look for The Scholarship Fund of MOAA, No. 2142, when contributing to the 2007 CFC. If you are contributing through the United Way, look for The Scholarship Fund of MOAA in the listing, or simply write in the fund name in the “other” section. MOAA will pay all administrative costs to ensure the full amount of the donation goes to the American Patriot program. 22 PHOTOS: LEFT, ERIC WESTBROOK/IMAGES.COM; ABOVE, JOHN MADERE/CORBIS http://www.moaa.org/magazine/photocontest.pdf http://www.moaa.org/magazine/photocontest.pdf
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