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Default Calculate age based on birthdate & end date

I've been looking through past posts on the subject, and am still confused.
I am building a database of race participants which requires the age of each
racer ON race day (July 4th, 2007). There's got to be a way to do it using
the race day and the birthdates, but I can't quite figure it out - and it's
got to be exact, due to the age divisions - if a racer is 55 ON race day and
56 the day AFTER, he or she needs to show up as being 55 in the database.
I've got 7/4/07 loaded in cell J1, and birthdates starting in J3. Any ideas?
 
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