II. SETTING UP THE TRUST UNDER THE BILL 
      
          Article EIGHT of the Will gives the residuary estate to
James Roosevelt, Basil O'Connor and Henry T. Hackett in
trust. The Final Decree will direct the Executors to
transfer, assign and deliver to themselves as Trustees all
principal remaining in their hands after making the
payments directed in the Decree, subject to the payment of
income taxes on sales and other outstanding charges and
liabilities. It is suggested that the trust books of
account be set up as of September 1, 1947 and that the
trust function in all respects as of that date. Under such
arrangement, income payments would be distributable to Mrs.
Roosevelt for her life quarterly commencing December 1,
1947.
 
           III. REAL ESTATE OF HAND IN THE TRUST
     
         All real estate owned by Mr. Roosevelt has now been disposed
of as shown by the final Accounting and Supplemental
Affidavit with the exception of the following three parcels
which automatically pass to the Trustees by operation of
law as part of the residuary estate:
                                         
                         Appraised Value
                    for Estate Tax                        Local Taxes
Description       Acreage       Purposes            General       School        
 
 
1. Roosevelt
   Farm             282       $44,630.00         $248.88       $258.10  
            
   (a) Bracken Land
       (182 acres)
   (b) Boreal Land
       (approx. 100 acres)
 
2. Wheeler Tract    67.36        4,374.00            52.90         54.86
           
 
3. Rogers Wood
   Lot               52.41       2,094.96            48.09         49.87     
    
Total.............   401.77    $51,098.96           $349.87     $362.85   
    
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