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Testing, testing. Okay, Good morning, Dr. Stanton.

Good morning to you.

I have an odd little question, it's probably pretty obvious. What was the William S. Paley Foundation? I noticed you were chairman of that from '48 to '71.

A lot of individuals follow the practice of putting funds into a foundation, a charitable foundation, as a depository, really, for their charitable giving, from which they could take funds as they needed to take them. Why do it that way instead of doing it direct? It had to do with taxes, that's all. There was nothing special about the Paley Foundation. He used it as the place to put funds, and then as he had to dispense them for the museum or other things that he wanted to give to, he just took them out of the foundation.

If there's a year in which you have an enormous amount of income you can put as much as the law will allow you to put and take a deduction for it into the Foundation. The following year when you didn't have a lot of income, you could then keep your giving at a uniform level, whereas if you went the other way, you wouldn't. That's as simple an explanation as I can give you.