Sentence:  You still have your paper hat and you 're wearing it , but then , it <WSD>is</WSD> an extraordinary paper hat and , in addition to anything else you may be , you are also the sculptor who created that most peculiar dame out in the back yard . 
Meaning of the word marked with <WSD> tags:  have the quality of being; (copula, used with an adjective or a predicate noun)