Sentence:  If you are an income beneficiary of property held in trust or an heir , legatee , or devisee , you may deduct allowable depreciation and depletion , if not deductible by the estate or <WSD>trust</WSD> . 
Meaning of the word marked with <WSD> tags:  something (as property) held by one party (the trustee) for the benefit of another (the beneficiary)