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Following the game, there was a reception at Trinity Manor, the home of Mrs. William Lynn, Sr., for the visiting alumni.
Many students at Wakefield, both past and present, have described the school as “one big family,” and that spirit was much in evidence last weekend.
The Wakefield classes of 1984 and 1985 were the best represented during the weekend with over 40 percent of the graduates of those classes attending. The group included those attending universities in several states with majors ranging from political science to pre-med, but an informal survey showed that the career of choice was veterinary medicine.
The Wakefield alumni present, in addition to attending classes and playing sports, participate in a variety of other activities. They pilot airplanes, sell real estate, lector at church Youth Masses and volunteer time to the American Red Cross teaching Advanced First Aid and CPR.
Alumni of Wakefield now total over 100, the most recent class of 1985 being the sixth class to graduate. At last count, the alumni were attending over 15 different colleges
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DEPRECIATION
CHANGE
It wasn’t too long ago (prior to 1980) that the depreciation schedule on investment property ran all the way up to 40 years. In other words, you could deduct l/40th of the purchase price per year from other income. Then the ACRS rule lowered that depreciation time to only 15 years. This means you could receive your depreciation benefit in about half the time ... a great boost to real estate investors.
Now, the 1984 Tax Reform Act has changed that rule again after a tough battle in congress. The depreciation time has now been increased to 18 years for property placed in service after March 15th, 1984. The major exception is that low income housing is not affected by the new law.
Let’s put things into perspective. The difference between 15 years and 18 years for straight line depreciation is not all that much difference when compared to the prior law that required up to a 40 year period. You can still write off property in half the time - even though the market value, almost without exception, will continue to rise.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA 22747. Phone: 6753400. We’re here to help.
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