Private First Class Wallace was a member of the 9th Infantry Regiment, 2nd Infantry Division. He was taken Prisoner of War while fighting the enemy in North Korea on 1 December 1950 and died while a prisoner on 8 May 1951.

Wallace was awarded the Combat Infantryman Badge, the Prisoner of War Medal, the Korean Service Medal, the United Nations Service Medal, the National Defense Service Medal, the Korean Presidential Unit Citation and the Republic of Korea War Service Medal.