This single is from Richard's  1987 solo album, "Time".  On his album, Richard used several guests soloists, and on this song, Dusty Springfield provides the lead vocal.  It is a very "Carpentersesque" song and you can almost hear how Karen would have performed it.  

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The single that I have (purchased on eBay) is actually a promo copy with the same song on both sides and a generic A&M sleeve.

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It reached #12 on the Adult Contemporary chart but didn't chart on any other Billboard chart.