Joan Walters, f.k.a. Joan Gherman, and Henry Gherman - Page 5

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          work outside of the home for many years, other than as described            
          infra.  She involved herself in various community and volunteer             
          activities and at one time served as a secretary for the Miami              
          chapter of the Congress of Racial Equality.  Mr. Gherman handled            
          the family's financial matters throughout the time that                     
          petitioners were married.                                                   
               Mr. Gherman began selling insurance during the late 1950's             
          or early 1960's.  He worked hard and built up his business.                 
          Nonetheless, during 1969 petitioners filed for bankruptcy (1969             
          bankruptcy).  Subsequently, Ms. Walters received a discharge in             
          the 1969 bankruptcy.  Mr. Gherman, however, did not receive a               
          discharge, because the bankruptcy court found that he had                   
          obtained credit by issuing certain false financial statements.              
          Following the 1969 bankruptcy, Mr. Gherman did not keep secret              
          the fact that he was not granted a discharge in the bankruptcy              
          proceeding, and at meetings with clients or potential clients he            
          often mentioned that he had not been granted a discharge in the             
          1969 bankruptcy.                                                            
               After the 1969 bankruptcy, petitioners sold their personal             
          residence and used some of the proceeds to purchase another home.           
          Ms. Walters considered the new house to be inferior to their                
          prior house.                                                                
               Following the 1969 bankruptcy, Mr. Gherman never again held            
          an asset in his own name.  Mr. Gherman used Ms. Walters' name to            





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