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The Fluor Daniel retirement plan is and was, at the time of
petitioner's participation, subject to the requirements of the
Employee Retirement Income Security Act of 1974 (ERISA), Pub. L.
93-406, 88 Stat. 829, as amended. Petitioner had two separate
retirement accounts at Fluor Daniel, the "Retirement Plan" and
the "Savings Investment Plan." Sometime in March of 1991,
petitioner asked the plan administrator at Fluor Daniel to
distribute to him the entire balance of each retirement account.
By letters dated May 7 and May 13, 1991, the plan administrator
acknowledged petitioner's request and reported to him the amounts
to be distributed based on a valuation date of March 31, 1991.
As of that date, the combined value of the Retirement Plan and
the Savings Investment Plan accounts (plan balance) was
$176,754.88. Petitioner received this sum sometime at the end of
May 1991 in the form of two checks dated May 24, 1991 and issued
by The Northern Trust Company. At the time petitioner received
the checks, he was under the age of 59-1/2 and did not attain
that age at any time during 1991. The record does not disclose
whether petitioner had attained age 55. See sec. 72(t)(2)(A)(v).
Petitioner paid off his mortgage debt on 2707 Daybreak Drive
by wire transfer of $126,099.46 from his account at BancOhio
National Bank (BancOhio) to his mortgage account at Bank One
Dallas on June 6, 1991. Furthermore, on or about July 31, 1991,
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