NNONTANA NtrWS

By R.V. PETERSEN executive secretary

A f tne wind-up ofthe lg':.5 f-\MBMDA convention at Fairmont Hot Springs, election of officers produced the following slate for the coming year:

L. J. Killham, Midland, Inc., Miles City, president; TroyA. French, French's Building Materials, Hardin, v.p.;A. A. Kind, Linder-Kind Lumber Co., Helena, treasurer; H. G. White, Neifert-White Co., Townsend, asst. treasurer;R. V. Petersen, Helena, exec. secretary.

Dealer directors to the National Lumber and Building Material Dealers Assn. are L. Dexter Shaurette. St. Regis Paper Co., Libby, and R. V. Petersen, with W. L. Steffan, Aldrich & Co., Billings, alternate.

Directors elected include Irvin Dellinger, Westmart Building Center, West Yellowstone, to replace W. S. Weston, Three Forks, who is outgoing president and has resigned as director; Mark Rolfson, Rolfson Co., Polson, to succeed L. Dexter Shaurette, St. Regis Paper Co., Libby; and Dean Beall, Beall's Building Center, Anacorrda, to the vacancy caused by resignation of Robert F. Payne. Hold-over directors include Frank Dvoracek, UBC, Gt. Falls, R. H. Harms, Grogan-Robinson Lbr., Gt. Falls; L. J. Killham (term extended); A. Alan Kind. Linder-Kind Lbr., Helena; J. J. Sullivan, Aldrich & Co., Billings; and Troy French.

Meeting also during the convention, the Montana Salesmen's group named as their officers the following:

W. H. Barker, Armstrong Cork, Bozeman, president; Roland Mahnke, BoiseCascade, Billings, v.p.; Don Vincelette, Prentice Lumber, Billings, sec.-treasurer.

Past President Steve Shields carries over as a board member and is joined by directors Leon Lowe. Dan Filson, Gene O'Toole, Missoula, and Lee Holyoak.

As one of the high-lights of the meeting, Arlo Nicholls, Grogan-Robinson Lumber, Gt. Falls, was named by the salesmen as Dealer-of-the-Year. Parallel recognition was given to Lee Holyoak, with award of the Silver Log by the dealers.

The 1975-6 Salesmen's Scholarshio went to Jeff Powell, Boyce Lumbei, Missoula, and was awarded in honor of Bill Aldrich, Aldrich & Co., Billings.

(Continued from page zs ) the credit is equal to 5% of the taxpayer's basis in the new residence ar the amount of the credit allowed car not exceed $2,000.

The credit will be allowed only with respect to a new principal residence that was constructed or was under construction before Mardr 26, 1975. To be eligible to receive the credit. the taxpayer must obtain from the seller a certification that the purchase price paid is the lowest price at which the new residence was ever offered for sale.

Such certificate must be attached to the income tax return claiming the credit. Civil and criminal penalties will be imposed for false certification.

The new tax credit will, by definition, not be available to purchasers of vacation homes. It requires that the purchase be an at-armi length transaction. If the taxpayer sells the pro- perty within 36 months, any tax credit received will have to be repaid.

The property must be acquired and occupied by the taxpayer after March 12,1975 and before January l, 19'17.