Floyd L. Garrett and Dorothy G. Garrett - Page 3

                                        - 3 -                                         
                                  FINDINGS OF FACT                                    

               Some of the facts have been stipulated and are so found.               
          The stipulation of facts is incorporated herein by this                     


               Petitioners were married and resided in Fernandina Beach,              
          Florida, at the time their petition was filed.  Petitioners filed           
          joint Federal income tax returns for 1989, 1990, and 1991.                  
               Petitioners began divorce proceedings in 1992.  On October             
          10, 1994, petitioners signed a mediated settlement agreement with           
          respect to their divorce.  In that agreement, Mr. Garrett agreed            
          to indemnify Mrs. Garrett for all Federal income taxes,                     
          penalties, and interest accruing during their marriage through              
          the calendar year 1992.  In addition, the indemnification                   
          agreement provides Mrs. Garrett with a lien interest against Mr.            
          Garrett's collection of automobiles until such time as the                  
          Federal income tax liability has been fully discharged and                  
          released.  Although the marriage was dissolved in 1995, certain             
          property issues are on appeal.                                              

          Mr. Garrett's Corporations                                                  

               Mr. Garrett was the sole owner of Floyd Garrett, Inc. (FGI),           
          a trucking company located in Fernandina Beach, Florida.  FGI was           

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