HENRY T. HACKETT
                ATTORNEY& COUNSELLOR AT LAW
                       226 UNION STREET
                 POUGHKEEPSIE,   NEW YORK  
                   
                                          Jan. 15th, 1936.
Gerald     Morgan,Esq.,
54  East 79th Street,
New  York  City,   N.Y.
 
Dear Mr. Morgan:   
 
                 The town tax roll is made up each year by the
 
assessors of the town as of July 1st so that the land sold to
 the President will not be assessed in his name until the new
 roll is made up in July, 1936.  
                   
            I think that the following is a fair apportionment 
of the taxes on the Dumphy farm between the President and 
the Trustees of Mr. Newbold's estate, viz:                      
                                                           
          
 
Dumphy farm          Value of land        Value of land      Tax
  Tax                                                    & buildings
 
184 A        $ 5,500.              $ 7,200.           $195.12plus 1%
 
The assessed value of the land alone is $5,500. divided
 by 184 equals                                   $ 29.89 per acre
 
 The assessed value of 74.2 A sold to F. D.R. at 29.89
 an acre is                                              $ 2,217.93
 
The tax on the 74.2 A sold to F. D. R. at 27.10
per thousand - $2,217.93 x 27.10 equals.................... $ 60.11
 
                                                  Very truly yours,
 
                                               [Henry T. Hackett]