Does a Military Real Estate Sale Avoid Capital Gains Tax?



Many military personnel change their personal residences more frequently than the average civilian. When it comes time to sell the property, one specific question that comes up right away is: does a military real estate sale avoid capital gains tax?

Because military personnel are forced to move so often, this exacerbates the questions and concerns all of us have when it comes time to decide whether to keep or sell a particular property. With the recent run up in real estate prices, the good news is most of these properties have lots of appreciation. The bad news is the government likes to tax that appreciation. This has many in the military wondering that since they work for the government is there any special treatment? In other words, does a military real estate sale avoid capital gains tax?

Fortunately there is some special good news for those in the armed services. Specifically, the news is for military your real estate sale may avoid capital gains tax! Here’s how it works:

As you are probably aware, if you sell your home for more than you originally paid, the resulting profit is known as capital gain. If your capital gain is no more than $250,000 for an individual (or $500,000 for married couples) the IRS says you can avoid paying capital gains tax as long as you have lived in the house for two out of the past five years. And, actually everyone gets this same “exclusion” amount. But, for military homeowners, while the law is essentially the same as it is for civilian homeowners; it does come with one important exception.

In 2003, Congress passed the Military Family Tax Relief Act, which allows both military and foreign-service personnel to suspend the normal residency period for up to ten years as long as they are stationed at least fifty miles from their property. Basically, if you have been away due to military service for no more than ten years, and have used it as a primary residence for at least two years out of the past fifteen, than you will most likely qualify for exempt status as long as your capital gain is below the maximum amount! Again, this is great news for those in the armed services who were wondering does a military real estate sale avoid capital gains tax? It is also good news for military personnel who are interested in buying a home and might otherwise have been discouraged by the normal residency requirements.

Note, if you own an investment property (not your primary personal residence) that has the potential to net a gain greater than the maximum amount allowed for exemption, this rule does not apply. The normal deferral techniques, such as the 1031 exchange rules, are applicable.

By: Rick Halperin

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May 29th, 2011 by admin

Scouting Out Virginia Theme Park Discounts



Virginians love their theme parks. I love finding deals. Put the two together, and you have a recipe for summer fun that won’t break the bank. As you’ll see, there’s no need to pay full price. But before getting into the discounts, here’s a brief overview of the two major theme parks in Virginia.

Let’s start with Busch Gardens Williamsburg. Many feel this European-themed park is more family-friendly than its main competitor, Kings Dominion. Both have state-of-the-art roller coasters, like Busch Gardens’ “Griffon” and Kings Dominion’s new “Intimidator 305,” billed as “the tallest and fastest gravity driven roller coaster on the East Coast.”

But if you’re not a die-hard roller coaster fan, try Busch Gardens. It has a wider variety of stores and shows, like the new vibrant “Celtic Fyre” Irish step dance extravaganza and “Europe in the Air,” a smooth gliding, simulator ride. Using HD-quality video, “Europe in the Air” gives you an aerial view of the highlights of Europe, including the Eiffel Tower, Rome’s Colosseum, the Swiss Alps, and London’s Big Ben. It’s like taking a grand tour of Europe without the huge price tag or jet lag.

At Busch Gardens, it pays to be a Virginian, thanks to their Fun Card. Pay for a day and get unlimited admission through Sept. 6. The Fun Card costs the same as a single-day ticket: $61.95 ages 10+, and $51.95 ages 3 to 9 (keep reading to learn how to get your preschooler in for free).

Want to get the Fun Card for about $10 less? You can, if you’re willing to go to Virginia Beach to get it. Go to Virginia Beach and stop in one of the three Vacation Market locations along Atlantic Avenue (one block in from the beachfront). You can buy a one-day ticket there for about $55…plus, you won’t have to pay tax. So you’ll save about $10 per ticket.

When you go to Busch Gardens, go to the Guest Services counter and upgrade your card to a Fun Card for free. Vacation Market is open 7 days a week, and has three Atlantic Avenue locations in Virginia Beach: at 16th, 25th, and 31st Streets. They also offer discounts to other local attractions, including Kings Dominion.

To encourage more people to visit their new Sesame Street-themed rides and shows, Busch Gardens is offering a new promotion. If you’re a Virginia resident, and you have a child 5 and younger, you can get them in the park for free by getting a “Preschool Pass.”

The Preschool Pass gives you unlimited admission now through Sept. 6. Note that you must register in advance through the Busch Gardens Williamsburg website. Once you’ve registered, bring in the registration confirmation and valid ID (a birth certificate or a passport) to the park’s ticket window.

Also, they just announced an additional special deal for Virginia residents: Buy a single day adult ticket online on the Busch Gardens Williamsburg site, and you can get a free kids ticket absolutely free.

You can order single day Busch Gardens Williamsburg tickets for about $55 for adults and $45 for kids (including processing fees) by ordering them through Ticketmaster. One caveat: You’ll have to pick them up at a Ticketmaster Retail Outlet. (You can access their locations on the Ticketmaster website.)

Unfortunately, Ticketmaster is not currently selling discounted Kings Dominion tickets. Nor does Kings Dominion offer a discounted pass for Virginia residents. However, Kings Dominion is cheaper than Busch Gardens: about $57 (ages 3-61 and 48″ or taller) and $34 for Juniors and Seniors. And they do offer a two-day pass that lets adults (3-61) visit for two consecutive days for just $3 more.

What sells a lot of people on Kings Dominion is its huge variety of roller coasters-and the fact that it includes “Water Works,” a 20-acre water park at no extra charge. It also has plenty of activities for the little ones, including the new “Planet Snoopy.”

As I mentioned, Virginia Beach Vacation Market offers a significant discount on Kings Dominion tickets if you can get to their locations. But a better way to get big discounts on both parks is to buy them through local Parks and Recreation Departments for “P & R” (Parks & Rec) days. For example, Albemarle Parks and Recreation is offering the following deals on P & R tickets: Kings Dominion – $29 ages 3+ (good July 2-Aug. 6); and Busch Gardens – $46 ages 10+ and $36 ages 3-9 (good June 1-Sept. 6). Albemarle Parks and Recreation is located on McIntyre Road in Charlottesville. Check with your local parks and recreation office to see if they’re participating in P & R days.

Finally, if you look hard enough, you can often get discounts on both parks at stores like Food Lion, Ukrops, and Giant, as well as fast food spots like Wendy’s, Subway, KFC, and McDonald’s. Coupons range from $6 off single day tickets, to half-price kids tickets.

As you can see, summer fun doesn’t have to break the bank…if you know where to look.

By: Elizabeth Pellicane

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May 29th, 2011 by admin

Longboat Key Condos



Stretching about 12 miles adjoining the Gulf of Mexico, and Sarasota Bay is the beautiful barrier island called Longboat Key. This island has long been the home to about 8,000 permanent residents and swells to around 20,000 during the tourist season. The island is made up of people who have retired here, or own a 2nd or 3rd home with plans to ultimately retire here. There is just about every type of home available ranging from wonderful single family homes, large mansions and estates, duplexes, beach houses and luxurious condos. The best advice to those considering purchasing property on Longboat Key is to see a competent and knowledgeable real estate professional like a local Realtor who is intimately acquainted with Longboat Key real estate for sale.

A familiarity with the other island communities is recommended and a good knowledge of the Sarasota market is needed. Casey Key, Siesta Key and knowledge of Lido Key condos and other home options on Longboat Key is needed.The lifestyle is like no-where else on earth. This is a quiet resort type of lifestyle and that atmosphere is what has made this beautiful Barrier island so popular year after year. The beaches are hardly ever over crowded. There is plenty of boating, and fishing and every other type of water sport available. The Country Club is a hub of activity all the time, plus there are many unique shops, restaurants and other shopping options available at the Club, including great entertainment, golf courses and tennis.

The city of Sarasota lies just across the bay and is only minutes away for some of the greatest theatre, arts and crafts, plays, concerts, restaurants, cafes, museums, specialty shops, and opera house. Sarasota is looked upon as the finest vacation destination of the wealthy class, and the top tourist attraction for those who come to Sarasota are the beautiful and unique barrier islands, and Longboat Key is probably the most major of those attractions for the entire area.

Longboat Key is one of the most private and beautiful of all the Keys. It has warm and friendly beaches, huge private and very exclusive estate style mansions, and the Longboat Key real estate property has become some of the most sought after real estate of anywhere in Florida. Some of the wealthiest people in the world have homes here and visit often for total peace and relaxation A local Realtor is you best bet when looking for an investment property, or vacation home in this area. Each barrier island, or Key including Longboat Key, Lido Key condos, Siesta Key and Casey Key have their own unique real estate market and all properties on these islands are very highly sought after and bought up almost as fast as they go onto the market.

Today, Sarasota and her Keys are famous vacation destinations for the rich and famous and for the residents who live and work here. On Longboat Key, there are beautiful luxurious condominiums available to purchase.. Contact a local Realtor, broker or agent such as John Allen and get that search under way. Also ask your real estate professional about the possibility of finding a piece of real estate property that is going into the foreclosure process and might be available for a short sale offer. It’s a great way to save money and get a head start on appreciation.

By: Sarasota Jones

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May 29th, 2011 by admin

Lincoln Park Condos For Sale



The Chicago neighborhood of Lincoln Park is known for its tree-lined streets, boutique shopping, top-notch eateries, and expansive lakefront parkland. Where else can you visit the Zoo, go to the beach, see live theater, party with the college crowd, shop designer stores, and dine at one of the best restaurants in the country? There’s no doubt, Lincoln Park is a highly desirable Chicago community and its condos are considered prime real estate in the Windy City housing market.

Lincoln Park’s inventory of condos for sale ranges from intimate three-flat walk-ups to soaring residential high-rises. Price point, size, and style are just as diverse and afford an enormous selection for the Chicago condo buyer. Whether you prefer old or new, traditional or contemporary, ground floor or penthouse, studio unit or sprawling square footage, Lincoln Park is an excellent spot to start your house hunt for the perfect Chicago condo.

2020 N. Lincoln Park West
Situated directly across the street from the Lincoln Park Zoo, this 39-story residential tower is a combination of great location, premium amenities, and quality units. The building not only has a refreshing outdoor pool (which is much appreciated during Chicago’s hot summer months), but it boasts tennis courts, a health club/gym, sauna, party room, restaurant, convenience store, bike room and dry cleaners. 2020 N. Lincoln Park West has its own doorman and self-park garage, although valet is available.

The units in 2020 N. Lincoln Park West offer studios, one-bedroom, two-bedroom and three-bedroom floor plans. It was originally built in 1971, so some condos are in need of an update. Still, many units have already been renovated by the previous owners. These have remodeled kitchens with stainless steel appliances, new cabinets and granite counters. Many condos feature hardwood floors, fresh paint and new bedroom carpeting. Every property has a private balcony and some corner units enjoy two outdoor terraces.

As could be expected, the views from 2020 N. Lincoln Park West provide grand, sweeping vistas of Lake Michigan, green parkland, and the downtown skyline. It is within walking distance of numerous restaurants, cafes, delis, pizzerias, sushi bars, pubs, and other neighborhood haunts.

1660 N. LaSalle
The condos for sale at 1660 N. LaSalle vary from small studios to roomy 1500 sq. ft. residences. This is an older building (constructed in the early 1970s), however, there are plenty of units that have been redone with modern upgrades and finishes. A number of condos have the stainless steel appliances and granite counters that are now considered standard in new construction Chicago homes. The floor-to-ceiling windows bring in great natural light and present lovely views of the surrounding neighborhood.

Other features often found in condos for sale at 1660 N. LaSalle are hardwood floors, carpeted bedrooms, stone tile bathrooms and recessed lighting. There are several different unit arrangements that fluctuate in size and shape. The bigger layouts are extra wide and have windows on multiple sides. The building has an outdoor pool and sundeck, exercise room, laundry facilities and 24-hour door staff. The policy on pets is: cats are ok, but dogs are a no-no.

SoNo
SoNo is a fairly new addition to the Lincoln Park condo market. The name refers to South of North Avenue, which is exactly where this contemporary 28-story tower is located. The all-glass exterior is a stunning feature from the outside and in. The units have complete walls of windows that allow tons of sunlight to filter in. In addition to bright living spaces, SoNo boasts sleek, modern finishes with a touch of industrial chic charm. The exposed concrete columns add just enough urban appeal without making the homes seem stark or unfinished.

Typical features in SoNo are hardwood floors, marble baths, granite kitchen counters, stainless steel appliances, track lighting and washer/dryer hook-up. Floor plans at SoNo include one- to three-bedroom layouts with up to 1,656 square feet. The plans are open so the living, dining and kitchen flow from one to the other without obstruction. The building also has a trendy entrance hall with a seating area and a concierge desk. There is a fitness facility on the premises, as well as a bike room and private storage lockers. And a doorperson is on duty 24 hours a day.

By: James Belmont

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May 29th, 2011 by admin

Disadvantages of ‘For Sale by Owner’



‘For Sale by Owner’ is a property wherein the owner hopes to sell this property without employing the services of a real estate agent. The acronym used for such a property is ‘FSBO Property’. FSBO property has few advantages as well but in general disadvantages associated to FSBO property far outweigh the advantages. Various surveys suggest as little as 6-7% of properties are sold through this mechanism.

Let us look at the disadvantages associated to a FSBO property for the seller. This involves spending a lot of time and effort in making arrangements for this sale. He has to run around organizing anything and everything with respect to price of the home, making the property available for inspections to prospective buyers, giving classifieds in magazines and newspaper. The marketing and advertising costs sometimes run more than the brokerage commission and hence it becomes a loss making proposition. FSBO property is available for offer to a limited set of buyers unless you decide to list in the Multiple Listing Service which also a fee attached to it. When you take the help of a professional, your property would benefit from far more marketing exposure and technical inputs that a real estate agent brings to the table. Without full technical details it is very likely that the owner does not have a fair knowledge of the true price of this property and more often than not tends to over price his property. An overpriced property fails to attract the buyers and as time passes the value starts diminishing. The other significant disadvantage of FSBO property is that the broking community is reluctant to work with FSBO property.

Let us examine the set of activities needed to be carried out for a FSBO property. Begin by getting your home professionally appraised to get the right price for your house. Quoting the right price is most important in liquidating your property. Visit all the open houses. Word of mouth works well in this industry. Make sure you do small little things to make your house attractive. Ensure all the fixtures are working fine. Try and do a fresh paint if possible and remove all the clutter. Hire the professional services of a lawyer who can do all the paperwork and make the sale agreement. Be prepared to do all these activities by yourself

FSBO property would require you to be good at each and every aspect of Property sale be it negotiations, financial and legal knowledge, or housing laws. A lack of knowledge in even one of these areas could ruin an opportunity to sell your property. Better leave the work of an expert to an expert.

FSBO property put a huge drain on your time and money. These could very well be handled by a professional real estate agent. More often than not it becomes an exercise wherein you spend dollars to save a penny. FSBO is a challenging assignment and yet one is not sure as a seller whether all the effort eventually translates into any monetary benefits looking at the expenses involved in doing everything yourself.

By: Lokesh Nagpal

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May 28th, 2011 by admin

Real Estate Listings On the Internet



If you’re looking for a new home, chances are that you’ve searched through online listings to find suitable properties. More and more people are relying on the internet to help find real estate listings.

Gone are the days when you had to buy the newspaper to find what homes were for sale or to fine a realtor or mortgage broker. Nowadays all you have to do is go online to find out that information. And it’s all for free. It’s a change in the traditional way of doing things that’s for sure. The internet is growing and continues to do so. You’ll find that national real estate web sites are easy to find and local realtors are creating their own individual sites. They’re easy to find. Just do a search on a given city and the word “homes,” you’ll probably be surprised at the quantity of results.You’ll find that each one is representative of the number of times the search engine has identified your search term in a web site. Don’t be surprised if it reaches the millions.Many people find the internet to be more convenient than a newspaper. They like to be able to browse a variety of neighborhoods and put in different criteria for searches.

If you decide to search for a home online you won’t do it alone. More than 80 percent of people looking to buy a new home are searching online. It’s popular because it’s easy and accessible. The internet has also become the go-to place for those selling their home. There are many web sites where you can advertise online for free versus paying for a costly print ad. Another selling point for shopping and advertising your home online is the ability to upload large, color photos to accompany your ad. They are a lot more effective in selling a home than a grainy photo you typically see in print ads. Some online photos even feature pictures of the home’s interior, which goes along way in getting prospective buyers interested.

By: Warren Haynie

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May 26th, 2011 by admin

Repossessed Houses For Sale – Lifetime Investment



To overcome this, many families opt to live in a small apartment and houses. However, if you want to fulfill the dream of your own property then, the repossessed houses are one of the methods.

These reposed are quite less than the original price of the property and easily affordable by many families. You will be pleased to know that government of different countries are consistently offering the repossessed houses for sale due to the non payments of the government loans. So if you are planning to buy your property and you have a less budget then these Repossessed houses for sale are the best option. The repossessed houses are the properties which are taken back by the government or the creditor due to the non payment of the loans.

These houses are the responsibility of the department of housing and urban development. These branches of the authorities have all the rights to consider these houses for the auctions and get the amount of the loan. Personal creditors are also dependent to these authorities to get back their amount of loan. Main motive for the sale of these houses is to retain the loan money that is the reason these houses are sold in the less amount as compare to its original rates.

Repossessed houses are less expensive than the actual rates of that property and will cost you around 10 to 30% less than its actual price. After buying the house during the bidding you should always have to pay the amount of that property at the same time. The government may provide you the numerous incentives for the modes of payment of that property. It includes the different options of payment such as, installments of that property or cash payment of that property.

Buying a repossessed house is a very simple task such as auction of that house which is easily affordable and helps you to save the money. After buying that repossessed house you just need to take care of the renovation of that property which has been caused by the real buyer. It is not necessary to buy the reposed house as you can do all the calculation of the property along with the renovation and if you think it is worth then only you can opt for that property.

You should always take care of some important things before buying reposed house as before choosing that house always inspect the house with some expert. It can give you the actual estimation of the rates of that property and above all you can come to know about the faults in the property. Before bidding you can also consult with the house agent about the auctions and the rates of that property. You can also know all the tricks of the bidding and guide you about the bid.

By: Kevin Simpson

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May 26th, 2011 by admin

Viewing Houses for Sale? Choosing Your Legal Representative



A Conveyancer’s role is to see that the property is transferred properly from one party to another. They oversee the legal aspects of transfer so that you, the buyer, end up owning the property. The Conveyancer also has a duty to the lender as well. They carry out a dual role where they act for both the buyer and also the lender, but conveyancing is the legal transfer from one to the other.

The last couple of years have been very challenging for everyone in the market. There has been a decrease in the number of available properties, and lenders have had to review their pricing structure and loan criteria. It has also been a challenging time for Solicitors and Estate Agents too. All in all, it has been an interesting period in time where the market has generally been very subdued.

Now…… you have viewed a number of desirable houses for sale and found your ideal home. You then instruct your Estate Agent to put forward an offer. When an offer has been accepted, it is strongly advised to instruct a Conveyancer as quickly as possible. The Conveyancer will guide you through the buying process, knows the pitfalls and, most importantly, how to deal with the expectations of all parties concerned.

So how do you find the right person for the job? Most people will talk to those they know, like their trusted Estate Agent, family or friends about which Solicitor they use. It is important to consider that some Solicitors will only carry out occasional conveyancing, so you need to affirm that any personally recommended Solicitor is a specialist in this field. If you want to find a specialist Solicitor or Conveyancer by yourself, one of the best ways to go about this is to do some research on the internet. There are a number of websites giving unbiased information, and don’t forget to look for those all-important testimonials and recommendations.

Once you have made your choice of legal representative, it is advantageous to get to know them. It is unlikely that you will understand the complexities of the process, so it is important that you can trust your Solicitor, and this will usually build over time. Expectation is something that is also terribly important, since the conveyancing process may last, typically, for around three months, during which time you will find that there are lots of areas of uncertainty and unease. It is the Conveyancer who has your best interests at heart and you should always take their advice, or at least have a very good reason why you don’t! So choosing a proven specialist who you can totally trust is imperative for your own peace of mind during this process.

By: Tom Frame

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May 26th, 2011 by admin

An Introduction To Vinyl Siding



Vinyl siding was first introduced to the exterior cladding market in the early 1960s. Today, the U.S. Census Bureau has acknowledged it as the #1 choice of exterior siding in the United States. In fact, twice as many people use it than any other type. However, many people are also unconvinced of manufacturers’ claims of durability, beauty, and ease of maintenance. Whether building a new home or renovating an existing residence, there are a few factors to keep in mind when considering a vinyl siding solution.

Vinyl siding is the least expensive and most versatile option compared to others. Wood panels are valued more for their aesthetic appeal while metal panels are more environmentally friendly than vinyl. Composite panels, such as fiber cement are considered more durable as they do not contract and swell as it does.

Vinyl does not actually attach to the side of a house. Instead, it hangs. This is due to the fact that the material will contract and swell in response to temperature changes. Heavy swelling in extreme weather conditions may lead to wavy or curved panels. Also, many people find the gaps left for swelling allowances during installation to be rather unsightly. There is also a risk that water may collect in these gaps (especially at the “J” channels located around doors and windows) and create water damage. This problem may be solved with the use of properly installed flashings, house felt, and/or builder’s wrap.

The Vinyl Siding Institute (VSI) states that vinyl products certified by them never need to be painted; simply wash occasionally with a soft cloth and garden hose. However, if selecting a vinyl siding, look for UV protection as some consumers do report fading of colors. Also pay attention to the rating of wind resistance that the product has. Most are rated to withstand winds of 110 miles per hour or higher (some warranty over 150 mph winds).

Manufacturers often advertise that this type of paneling is permanent. It is true that vinyl will last a very long time. However, if the paneling is struck by an object (such as a rock thrown by a lawnmower) it may crack. Damage cannot be patched, but it is possible to replace a panel.

Installation of the exterior cladding alters the overall texture and proportions of the house, and in some cases may remove character from historic buildings. In many cases, the original trim and ornamental details are covered or removed. Manufacturers do offer, however, a plethora of colors to choose from, horizontal and vertical panels, shakes, scallops, shingles, fish scales, and beaded designs in various profile widths.

Traditional vinyl siding does not offer much insulation, however the development of insulated vinyl in 1998 makes this a possibility. Insulated vinyl accounts for only a fraction of all vinyl siding sales, but is expected to grow quickly. Not only does it insulate much better, it reduces noise, and has a higher resale value.

There are also environmental and health concerns to be mindful of. Vinyl is made from a PVC (polyvinyl chloride) plastic resin that is a known carcinogen. Although vinyl may be safe while it is on your home, the manufacturing and disposing of vinyl produces toxic fumes, harmful to humans, animals, and the rest of the environment.

By: Budda Oliver

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May 25th, 2011 by admin

Cheap Car Insurance in Virginia Beach, Virginia



If you are a new resident in Virginia Beach, Virginia there is one aspect of car insurance in this City that may surprise you. Car insurance isn’t mandatory here and if you pay a $500 Uninsured Motor Vehicle Fee you can register and operate a motor vehicle without any insurance at all. This isn’t suggested and the results of being in a car accident can be devastating financially if you’ve put yourself in this position.

A much better and safer alternative is to secure cheap car insurance in Virginia Beach, Virginia. Although it may seem impossible to find adequate cover at a good rate, it’s not nearly as difficult as you may think.

One aspect of their lives that many people fail to associate with car insurance is being in a car pool. If you take part in a car pool for work and you drive less than two or three times a week this should be brought up with your car insurance agent. Many companies offer a discount for drivers who travel less than a prescribed number of miles per year. If you fall into this category, your premiums may drop. The same is true if you switch positions and drive a shorter distance than you used to. If you find yourself being in the car less of the time, it’s worth finding out about any mileage discounts.

Also ask your car insurance company if they pay a loyalty bonus. The most important resource that any car insurance company has is their clients. If your policy comes up for renewal and you decide to stick with the same company, as if there is a reward for that gesture. You may be surprised to see how much of a discount they’ll be willing to offer and if they don’t, consider getting quotes from a few competing companies just to see where your regular company fits in, price wise.

By: Deborah Mills

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May 25th, 2011 by admin
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