Randolph S. Simpson I - Page 3

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          As a result of the sale, petitioner received a lump-sum                     
          distribution from U.S. Trust Co. of California in October 1997.             
          The amount of the distribution was $42,805.55, out of which 20              
          percent Federal income tax was withheld.  Petitioner received a             
          check in the net amount of $34,244.44 and was thereafter issued             
          Form 1099-R, Distributions From Pensions, Annuities, Retirement             
          or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.                    
          Petitioner was 47 years old at the time of the distribution.                
               At the time of the sale, petitioner was in the midst of a              
          divorce proceeding with his wife, Lucille R. Simpson (Ms.                   
          Simpson).  A Final Decree of Divorce (divorce decree) was decreed           
          on November 7, 1997, by the District Court of Harris County,                
          Texas.  In the divorce decree, petitioner is also referred to as            
          “petitioner” and his former wife, Ms. Simpson, is referred to as            
          “respondent”.  The parties in this case agree that Texas is a               
          community property State.  The divorce decree provided:  “The               
          Court * * * finds that the parties have agreed to the terms of              
          this Final Decree of Divorce and have stipulated that its terms             
          and provisions are contractual.”                                            
               Under the section of the divorce decree entitled “Division             
          of Community Estate”, petitioner was awarded as his sole and                
          separate property:                                                          

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