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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Oct 01, 1981
Page
2
The Reagan administration formally notified Congress of an $8.5 billion arms sale to Saudi Arabia including AWACS planes. Delays spurred talk of a possible compromise to secure Senate approval.
National Weather Service forecast predicts mostly cloudy skies and cool temperatures tonight and Friday for Odessa Midland with a 30 percent chance of showers and thunderstorms tonight and 20 percent on Friday A cold front moving southeastward across Texas triggers scattered showers north of the front Light to moderate rainfall observed in Amarillo with a line from Childress to Lubbock to El Paso The rest of the state may see clear to partly cloudy skies and warmer conditions Highs range from upper 60s in the Panhandle to near 90 in South and Southwest Texas Winds easterly 10 to 15 mph Tonight and Friday Extended outlook shows scattered showers and thundershowers mainly in the southwest Saturday and Sunday, with warmer conditions Sunday across most regions.
Postal and delivery details from the Odessa American describe mailing class matter status under a March 1 1679 act and changes to postmaster addresses. It notes delivery times and Saturday Sunday deadlines and provides the Odessa Texas office routing information.
President Reagan backs a smaller MX missile system though site choice remains unsettled. Nevada and Utah emerge as leading candidates, with 71 foot missiles possibly placed in Minuteman silos in several western and northern states. Production of up to 100 B 1 bombers may begin, while Stealth aircraft development continues for the 1990s deployment.
Thatcher and Gandhi opened the eight day Commonwealth summit with dire warnings on the Cold War. They warned detente had faded amid confrontation and rearmament while urging hope for solutions. Other leaders Kaunda and Kyprianou stressed risks in southern Africa and the Middle East.
Local dealers defend fair rules while criticizing rules that target only dealerships. They warn higher prices for all used cars and warn that private sales escape protections. Buyers urged to obtain inspections, read contracts, and avoid relying on salesman promises to curb subpar deals.
Mexico faces questions on oil policy and national development as de la Madrid outlines a diversified economy and restraint in oil sales. He echoes Lopez Portillo's foreign policy aims of non intervention and world peace, while the Cancun North-South summit seeks to bridge global economic gaps amid U S opposition.
The law now splits jointly owned property between both estates, altering gain calculations. If a husband dies owning a $40,000 house now worth $100,000, half goes to each estate. The wife's inherited share is valued at the higher amount, affecting capital gains upon sale.
The Touche Ross guide explains capital gains on 1A stock and the impact of revised estate tax rules on life insurance for estate taxes. It cautions against dropping insurance without review and emphasizes using tax savings to meet family objectives, passing assets to spouses and children at the right time.
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