Sandrus L. Collier - Page 9

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          that time.                                                                  
               On May 25, 1992, respondent assessed $12,778 with respect to           
          the taxable year 1991 of Ms. Collier and Mr. Collier.  Respondent           
          applied $4,628 of tax withheld against that assessment, which               
          left $8,150 unpaid.  Ms. Collier and Mr. Collier did not enter              
          into an installment agreement or other arrangement to pay the               
          unpaid assessment for 1991.                                                 
               On March 16, 1996, Ms. Collier and Mr. Collier signed a                
          document entitled “PROPERTY SETTLEMENT AND SEPARATION AGREEMENT”            
          (separation agreement).  That agreement provided in pertinent               
                    4.        WAIVER OF SPOUSAL SUPPORT                               
                         The parties hereby waive and release any                     
               rights that they may have for the support and mainte-                  
               nance, spousal support, or alimony of themselves, and                  
               agree that they will at no time hereafter seek or ask,                 
               in any manner, any monies of any nature from one an-                   
               other except as set forth in this Agreement; and fur-                  
               ther, that if proceedings in divorce are taken by                      
               either of the parties, they will not in such proceed-                  
               ings make any such demand.                                             
                  *       *       *       *       *       *       *                   
                    16.       DEBTS                                                   
                         Except as otherwise provided herein, each                    
               party shall be solely responsible for any and all debts                
               solely in his or her name, and shall indemnify and hold                
               the other party harmless thereon.                                      
                         The Husband hereby assumes and agrees to pay                 
               the joint debt to the IRS in the approximate amount of                 
               $22,000.00 incurred by the parties prior to the execu-                 
               tion of this Agreement, and shall indemnify and hold                   
               the Wife harmless thereon.                                             

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