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upon the exercise of an~t such~rights and the proceede of the sale
of any such righte ehall be treated as.principal. All dividenda,
other than liquidating dividends, received by my Executora or
Trustees in cash shall be treated as income, regardless of the
fact~that such treatment may encroach upon principal. All other
dividends, including liquidating dividends, received by my Exe-
~ cutora or Trustees shall be allocated to princfpal or iacome or
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shall be apportioned'between principal and income 3n such manner
as my Executors or Trustees (as the case may be) shall deem equitable.
Any allocation or apportionment which my Executors or Trustees may ~
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~ have determined in good faith to be in accordance with the fore-
1 going provisiona of this paragraph shall, when made by my Executors
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' or Trustees (as the case may be), be conclusive and binding upon all
~ persons interested in this my~Last Will and Testament. ~
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-(b) I direct that in case bonds, notes or other evidences
i of indebtedness are received or purchased at a premium by my Exe-
~ cutors or my Trustees, they shall not be required to set aside any
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' part of the incane thereof as a sinking fund to retire or absorb
; - such premiums.
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(c) I direct that the proceeds from the sale, or oCher dis-
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f~ positions, whether at a profit or loss, of any property constituting
, principal shall be dealt with as principal, even if the property
shall have produced no income.
ELEVENTH: I direct that all estate, succession, trac~sfer,
~ le ac death and inheritance taxes assessed a ainst or with re-
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~ spect to any property whatever required to be included as an asset
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€ of my gross estate for tax purposes, either by the United States,
I or any State, county or subdivision thereof, shall be paid out of
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~ my residuary estate, as an expense of administration and as a gen-
eral charge thereon, and that no person shall be_required to
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