James J. Milner and Marilyn R. Milner - Page 2

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               Unless otherwise specified, references to petitioner in the            
          singular are to petitioner James J. Milner, and all section                 
          references are to the Internal Revenue Code in effect for the               
          year in issue.                                                              

                                  FINDINGS OF FACT                                    
               Some of the facts have been stipulated and are so found.               
               At the time the petition was filed, petitioners resided in             
          Molalla, Oregon.                                                            
               Through August of 1998, petitioner was employed as vice                
          president of lending at Safeway Credit Union (Safeway).  In                 
          August of 1998, petitioner was placed by Safeway on                         
          administrative leave.  Petitioner received from Safeway a                   
          severance package that included total payments to petitioner of             
          $21,000 to be made to petitioner over the course of the last 4              
          months of 1998 with the final payment to be made in January of              
          1999.                                                                       
               In January of 1999, petitioner’s employment with Safeway was           
          officially terminated.  Shortly thereafter, in order to obtain              
          funds to continue remodeling petitioners’ home, petitioner                  
          attempted to borrow against his qualified retirement plan (the              
          plan), which was administered by Safeway.  Petitioner however was           
          unable to obtain a loan from the plan because he was no longer              
          employed by Safeway.                                                        







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