The White Falcon - 24.02.1967, Qupperneq 2

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WHITE FALCON
Friday, February 24, 1967
Information Chief
SMSGT Jack D. Beard, USAF
Editor
JOl George Cates
Reporters
CYN3 James Rutledge
SN, William Stanley
JOSN Paul Jespersen
EDITORIAL
In or Out? Decide Logically!
A military career is not for just anyone.
Qualifications for reenlistment limit the number of men who
decide to stay on. But all qualifications are not set by each military
branch. Some are personal.
Career men in the Armed Forces subscribe to strict standards.
They often work long hours and pay i:s only adequate. Frequent
moves and periods of duty away from home, combat, harassment,
and uncertain advancement are part of military life.
Many young military men who do not reenlist apparently feel
they cannot accept such standards. They place high value on better
pay and security.
But many first-termers make two mistakes when they decide
their particular branch of service cannot provide what they want.
First, they are not really aware of just what they get from the
service — health care, education, housing. Many young military
men who fail to reenlist simply do not take time to thoroughly ex-
amine relative value of the many benefits that do not show up on a
paycheck.
Additionally, reenlistment time for many is a time when scuttle-
butt about “highpaying jobs” in the civilian community clouds
thinking processes necessary for an intelligent decision.
Each military branch makes facts available to personnel who are
genuinely interested in making the best choice — but it is up to the
individual to set his goals and to make a logical decision.
HOW MUCH DO I HEAR?—The annual “Slave Day” was held last
week at the Alfred T. Mahan High School gymnasium. The affair was
sponsored by the Junior Class to raise money for the Junior-Senior
Prom to be held in May. Left to right are Sandy Boyd, treasurer;
Susan Armes, auctioneer; Dawn Webb, slave master; and Douglas
McBrayer, one of the slaves. (WHITE FALCON STAFF PHOTO)
Tax Tips
The Most Dangerous Mile
THE WHITE FALCON
U.S. Naval Station Keflavik
White Falcon’s mission—To in-
form and entertain- all hands, to
serve as a positive factor in pro-
moting the efficiency, welfare and
contentment of personnel.
Commanding Officer
Capt Emile E. Pierre, Jr., USN
Executive Officer
Cdr Richard C. James
FORTUNATELY NO ONE WAS HURT!—The driver of this 2V2-ton
truck was driving too fast for road conditions and prior to turning
off the road into a driveway applied the brakes. The heavy truck slid
into curbing, upsetting itself. This “accident” should not have
happened. What will be your most dangerous mile? Drive carefully—
that next mile could be fatal.
The White Falcon is published
weekly on Friday in accordance
with NAVEXOS P-35, revised
June 1958, for free distribution
to personnel of Naval Station
Keflavik. It is printed commerci-
ally by the Isafoldarprentsmidja,
Reykjavik, Iceland, from non-
appropriated funds.
Opinions and statements made
in articles published here are
those of the authors and are not
to be construed as official views
of the U.S. Govt., Dept, of De-
fense or the Navy Dept.
Editor’s Note: This is a fourth
of a series of articles by Air
Force Captain F. W. Thomas
related to the preparation of
your income tax returns for
1966.
Gross Income
The liability of a taxpayer for
filing a return is determined by
the amount of his “gross income.”
Determination of “Gross income”
is the first step in the computa-
tion of an income tax liability.
Not only is it important to know
what must be included in gross
income but also the various ex-
clusions from gross income as
specified in the law.
Gross income includes income
realized in any form, whether in
money, proper-
ty, or services.
All amounts re-
ceived as com-
pensation for
services must be
included in gross
income unless
specifically ex-
empted from tax
by law. Thus,
amounts received
by persons in the military or naval
forces of the United States must
be included in gross income un-
less specifically exempted. Tax-
able payments include base pay,
incentive pay, pay for hazardous
duty, retired pay, severance pay,
reenlistment bonuses, dislocation
allowance, and non-disability
pensions.
Following are some other sour-
ces of income which should be
included in gross income for fe-
deral income tax purposes. In-
terest income is an item which
must be included in gross income.
As a general rule, interest re-
ceived by or credited to a tax-
payer constitutes gross income
and is fully taxable. Examples
of fully taxable interest includes,
interest on savings or other bank
deposits, interest on a pi’omis-
sory note, a mortgage, of a corpo-
rate bond or debenture, interest
on life insurance proceeds held
under an agreement to pay inte-
rest thereon. If the taxpayer has
Chaplain J
Corner
Chaplain Clarence E. LeMasters
Where Were
One Friday night a few weeks ago a band started to play in the
station theatre to an attendance of 30 people. During the course of
the evening they played a few marches, and several numbers from
Broadway musicals. These musicians were well trained and per-
formed in an outstanding manner.
It was most disturbing to see such a small response to a Navy
Band that performed so well. Some of us may have preconceived
notions about such entertainment and not feel we would enjoy it,
but often we do find that it is very good when we listen. Someone
said “Maybe people didn’t know about it”, but obviously this was
not true because almost any movie Shown would have drawn a larger
crowd.
The sad part about this whole affair is that some who stayed
away will be the same people who will complain about a lack of
variety in entertainment, but won’t patronize something a bit
different when it comes along.
Certainly we’re not on Broadway with great variety, but when
groups go to the trouble to provide special entertainment for us, it
seems that all of us would want to enjoy it some place during the
visit. Of course not everybody is interested in every type of enter-
tainment, nor can we always get to everything, but let us be sure,
that before we complain about a lack of something to do, we have
used the benefits that are available.
veterans insurance, either U. S.
Government or National Service
Life Insurance, and elects to
leave the dividends on deposit
with the Veteran Administration,
the interest paid or credited on
the accumulated dividends is in-
cluded in gross income. In the
case of U. S. Savings Bonds is-
sued at a discount, a taxpayer on
the cash basis has a choice as to
when he may report the interest.
He may defer including the inte-
rest in gross income until the
bonds have matured (including
the 10-yr. extension period for
Series E-Bonds), or are cashed,
or he may report the interest
each year as it accrues. If this
method is used, the amount of
interest that should be reported
CContinued on Page J,.)
A THING OF BEAUTY IS A JOY FOREVER—The Hallgrimur Pet-
ursson Lutheran Church of Reykjavik, when completed will be
another example of beautiful church architecture to be found in Ice-
land. This church is unusual in that it is the only state Lutheran
Church to be named in honor of an individual rather than a parti-
cular geographical location. Construction is being financed by the
state and contributions from individuals and groups from Sweden,
Norway, the United States and Iceland. Construction began on the
church 21 years ago, and completion is set for the year 1974.
The church will open sometime during the year honoring Petursson
who died 300 years ago. (PHOTO COURTESY OF THE MORGUN-
BLADID)
Reykjavik’s
Hallgrimur
Petursson
Lutheran
Church