reglab/housing_qa huggingface dataset:
WI Stat § 701.1132 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1132 - Transfers from income to principal for depreciation.

701.1132  Transfers from income to principal for depreciation. (1) In this section, “depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year. (2) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:(a) Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary.(b) During the administration of a decedent's estate.(c) Under this section if the trustee is accounting under s. 701.1117 for the business or activity in which the asset is used. (3) An amount transferred to principal need not be held as a separate fund.History:  2013 a. 92 s. 280.
WI Stat § 701.1133 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1133 - Transfers from income to reimburse principal.

701.1133  Transfers from income to reimburse principal. (1) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements. (2) Principal disbursements to which sub. (1) applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a 3rd party:(a) An amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs.(b) A capital improvement to a principal asset, whether in the form of changes to an existing asset or the construction of a new asset, including special assessments.(c) Disbursements made to prepare property for rental, including tenant allowances, leasehold improvements, and brokers' commissions.(d) Periodic payments on an obligation secured by a principal asset to the extent that the amount transferred from income to principal for depreciation is less than the periodic payments.(e) Disbursements described in s. 701.1131 (1) (g). (3) If the asset whose ownership gives rise to the disbursements becomes subject to a successive income interest after an income interest ends, a trustee may continue to transfer amounts from income to principal as provided in sub. (1).History:  2013 a. 92 s. 281.
WI Stat § 701.1134 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1134 - Income taxes.

701.1134  Income taxes. (1) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. (2) A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority. (3) A tax required to be paid by a trustee on the trust's share of an entity's taxable income must be paid as follows:(a) From income to the extent that receipts from the entity are allocated only to income.(b) From principal to the extent that receipts from the entity are allocated only to principal.(c) Proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal. (d) From principal to the extent that the tax exceeds the total receipts from the entity.  (4) After applying subs. (1) to (3), the trustee shall adjust income or principal receipts to the extent that the trust's taxes are reduced because the trust receives a deduction for payments made to a beneficiary. History:  2013 a. 92 ss. 185, 282 to 287.
WI Stat § 701.1135 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1135 - Adjustments between principal and income because of taxes.

701.1135  Adjustments between principal and income because of taxes. (1) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from:(a) Elections and decisions, other than those described in sub. (2), that the fiduciary makes from time to time regarding tax matters.(b) An income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust.(c) The ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate or trust or of a beneficiary. (2) If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes, and as a result estate taxes paid from principal are increased and income taxes paid by an estate, trust, or beneficiary are decreased, each estate, trust, or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid. The total reimbursement must equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital deduction or charitable contribution deduction but for the payment. The proportionate share of the reimbursement for each estate, trust, or beneficiary whose income taxes are reduced must be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income.History:  2013 a. 92 s. 290.
WI Stat § 701.1136 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1136 - Income payments and accumulations.

701.1136  Income payments and accumulations. (1) Distribution of income. Except as otherwise determined by the trustee or a court under s. 701.1106 with respect to unitrust distributions, if a beneficiary is entitled to receive income from a trust, but the trust instrument fails to specify how frequently it is to be paid, the trustee shall distribute at least annually the income to which such beneficiary is entitled.  (2)  Permitted accumulations. No provision directing or authorizing accumulation of income is invalid.  (3)  Charitable trust accumulations. A trust containing a direction or authorization to accumulate income from property devoted to a charitable purpose shall be subject to the general equitable supervision of the court with respect to any such accumulation of income, including its reasonableness, amount and duration. (4)  Disposition of accumulated income. Income not required to be distributed by the trust instrument may, in the trustee's discretion, be held in reserve for future distribution as income or be added to principal subject to retransfer to income of the dollar amount originally transferred to principal. At the termination of the income interest, any undistributed income shall be distributed as principal. History:  2005 a. 10; 2013 a. 92 s. 292; Stats. 2013 s. 701.1136.
WI Stat § 701.1201 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1201 - Private foundations.

701.1201  Private foundations. (1) (a) In the administration of any trust that is a private foundation, as defined in section 509 of the Internal Revenue Code, a charitable trust, as described in section 4947 (a) (1) of the Internal Revenue Code, or a split-interest trust as described in section 4947 (a) (2) of the Internal Revenue Code, all of the following acts shall be prohibited:1. Engaging in any act of self-dealing, as defined in section 4941 (d) of the Internal Revenue Code, that would give rise to any liability for the tax imposed by section 4941 (a) of the Internal Revenue Code.2. Retaining any excess business holdings, as defined in section 4943 (c) of the Internal Revenue Code, that would give rise to any liability for the tax imposed by section 4943 (a) of the Internal Revenue Code.3. Making any investments that would jeopardize the carrying out of any of the exempt purposes of the trust, within the meaning of section 4944 of the Internal Revenue Code, so as to give rise to any liability for the tax imposed by section 4944 (a) of the Internal Revenue Code.4. Making any taxable expenditures, as defined in section 4945 (d) of the Internal Revenue Code, that would give rise to any liability for the tax imposed by section 4945 (a) of the Internal Revenue Code.(b) This subsection does not apply either to those split-interest trusts or to amounts thereof that are not subject to the prohibitions applicable to private foundations by reason of the provisions of section 4947 of the Internal Revenue Code. (2) In the administration of any trust that is a private foundation, as defined in section 509 of the Internal Revenue Code, or that is a charitable trust, as described in section 4947 (a) (1) of the Internal Revenue Code, there shall be distributed, for the purposes specified in the trust instrument, for each taxable year, amounts at least sufficient to avoid liability for the tax imposed by section 4942 (a) of the Internal Revenue Code. (3) Subsections (1) and (2) do not apply to any trust to the extent that a court of competent jurisdiction determines that the application would be contrary to the terms of the trust and that the same may not properly be changed to conform to such subsections.History:  1971 c. 66; 1991 a. 39; 2013 a. 92 ss. 174, 175; Stats. 2013 s. 701.1201.
WI Stat § 701.1202 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1202 - Electronic records and signatures.

701.1202  Electronic records and signatures. The provisions of this chapter governing the legal effect, validity, or enforceability of electronic records or signatures, and of contracts formed or performed with the use of such records or signatures conform to the requirements of section 102 of the federal Electronic Signatures in Global and National Commerce Act, 15 USC 7002, and supersede, modify, and limit the federal Electronic Signatures in Global and National Commerce Act, 15 USC 7001 to 7031. History:  2013 a. 92.
WI Stat § 701.1203 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1203 - Uniformity of application and construction.

701.1203  Uniformity of application and construction. This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it. History:  2013 a. 92.
WI Stat § 701.1204 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1204 - Applicability of general transfers at death provisions.

701.1204  Applicability of general transfers at death provisions. Chapter 854 applies to transfers at death under trust instruments.History:  1997 a. 188; 2013 a. 92 s. 300; Stats. 2013 s. 701.1204.Wisconsin's New Probate Code. Erlanger. Wis. Law. Oct. 1998.
WI Stat § 701.1205 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1205 - Applicability.

701.1205  Applicability. (1) Except as otherwise provided in sub. (2) and ss. 701.0602, 701.0813, and 701.0903 (4), this chapter is applicable to a trust existing on July 1, 2014, as well as a trust created after such date, and shall govern trustees acting under such trusts. If application of any provision of this chapter to a trust in existence on July 1, 2014, is unconstitutional, it shall not affect application of the provision to a trust created after that date. (2) Subchapter XI of this chapter applies to a trust or decedent's estate existing on July 1, 2014, and to a trust or decedent's estate created or coming into existence after that date, except as otherwise expressly provided in subch. XI or by the decedent's will or the terms of the trust. With respect to a trust or decedent's estate existing on July 1, 2014, ss. 701.1110 to 701.1135 shall apply at the beginning of the trust's or estate's first accounting period, as defined in s. 701.1102 (1), that begins on or after July 1, 2014.  (3) (a) Except as provided in par. (b), this chapter applies to a judicial proceeding concerning a trust commenced before, on, or after July 1, 2014.(b) If a court finds that application of a particular provision of this chapter to a judicial proceeding commenced before July 1, 2014, will substantially interfere with the effective conduct of the judicial proceedings or prejudice the rights of the parties, the particular provision of this chapter does not apply to that judicial proceeding and the court shall apply ch. 701, 2011 stats., as the court finds to be necessary to prevent interference with the effective conduct of the judicial proceeding and to avoid prejudicing the rights of the parties.History:  1971 c. 66; 1977 c. 309; 2005 a. 10, 216; 2013 a. 92 ss. 191, 296 to 298; Stats. 2013 s. 701.1205; 2013 a. 151.
WI Stat § 702.02 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 702 - Powers of appointment.|702.02 - Definitions.

702.02  Definitions. As used in this chapter, unless the context indicates otherwise: (1) “Appointee" means the person to whom an interest is appointed. (2) “Creating instrument" means the will, trust agreement, or other document which creates or reserves the power of appointment. (3) “Donee" means the person in whom the power of appointment is created or reserved. (4) “Donor" means the person who creates or reserves the power of appointment. (5) “General power of appointment" means a power exercisable in favor of the donee, the donee's estate, the donee's creditors, or the creditors of the donee's estate, whether or not it is also exercisable in favor of others. A power to appoint to any person or a power of appointment that is not expressly restricted as to appointees may be exercised in favor of the donee or the donee's creditors if exercisable during lifetime, and in favor of the donee's estate or the creditors of the donee's estate if exercisable by will. (6) “Power of appointment" means a power to appoint legal or equitable interests in real or personal property. A power of appointment is created or reserved by a person having property subject to his or her disposition which enables the donee of the power of appointment to designate, within such limits as may be prescribed, the transferees of the property or the shares or the interests in which it shall be received. A power of appointment does not include a power of sale, a power of attorney, a power of revocation, or a power exercisable by a trustee, a directing party, as defined in s. 701.0103 (7), another fiduciary in his or her fiduciary capacity, or a trust protector, as defined in s. 701.0103 (31). (7) “Special power of appointment" means a power of appointment that is not a general power of appointment.History:  1971 c. 66; 1983 a. 189; 1993 a. 486; 2013 a. 92 ss. 302 to 310; Stats. 2013 s. 702.02.
WI Stat § 702.03 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 702 - Powers of appointment.|702.03 - Manifestation of intent to exercise a power of appointment.

702.03  Manifestation of intent to exercise a power of appointment. (1) Unless the person who executed it had a contrary intention, if a creating instrument creates a power of appointment that expressly requires that the power of appointment be exercised by any type of reference to the power of appointment or its source, the donor's intention in requiring the reference is presumed to be to prevent an inadvertent exercise of the power of appointment. Extrinsic evidence, as defined in s. 854.01 (1), may be used to construe the intent. (2) In the case of other powers of appointment, a creating instrument manifests an intent to exercise the power of appointment if the creating instrument purports to transfer an interest in the appointive property which the donee would have no power to transfer except by virtue of the power of appointment, even though the power of appointment is not recited or referred to in the creating instrument, or if the creating instrument either expressly or by necessary implication from its wording interpreted in light of the circumstances surrounding its drafting and execution manifests an intent to exercise the power of appointment. If there is a general power of appointment exercisable by will with no gift in default in the creating instrument, a residuary clause or other general language in the donee's will purporting to dispose of all of the donee's estate or property operates to exercise the power of appointment in favor of the donee's estate, but in all other cases such a clause or language does not in itself manifest an intent to exercise a power of appointment exercisable by will. History:  1997 a. 188; 2005 a. 216; 2013 a. 92.Sub. (1) recognizes that a specific power of appointment requirement creates a presumption that the specific reference was intended to prevent inadvertent exercise. This presumption can be overcome if it can be demonstrated that the donee had knowledge of and intended to exercise the power. Czaplewski v. Shepherd, 2012 WI App 116, 344 Wis. 2d 440, 823 N.W.2d 523, 11-2521.
WI Stat § 702.05 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 702 - Powers of appointment.|702.05 - Exercise of a power of appointment.

702.05  Exercise of a power of appointment. (1) Capacity to exercise a power of appointment. A power of appointment can be exercised only by a person who would have the capacity to transfer the property covered by the power of appointment. (2)  Kind of instrument and formalities of execution. A donee can exercise a power of appointment only by an instrument which meets the intent of the donor as to kind of instrument and formalities of execution. If the power of appointment is exercisable by will, this means a will executed with the formalities necessary for a valid will. A written instrument signed by the donee is sufficient if the donor fails to require any additional formalities or fails to indicate a will, but if the power of appointment is to appoint interests in land, it can be exercised only by an instrument executed with sufficient formalities for that purpose. (3)  Consent of 3rd persons. When the consent of the donor or of any other person is required by the donor for the exercise of a power of appointment, such consent must be expressed in the creating instrument exercising the power of appointment or in a separate written instrument, signed in either case by the persons whose consent is required. If any person whose consent is required dies or becomes legally incapable of consenting, the power of appointment may be exercised by the donee without the consent of that person unless the donor has manifested a contrary intent in the creating instrument. (4)  Power of appointment vested in 2 or more donees. Unless the donor manifests a contrary intent, when a power of appointment is vested in 2 or more persons, all must unite in its exercise, but if one or more of the donees dies, becomes incapable of exercising the power of appointment, or renounces, releases, or disclaims the power of appointment, the power of appointment may be exercised by the others. (5)  Presumption of nonexercise of a power of appointment. A personal representative, trustee, or other fiduciary who holds property subject to a power of appointment may administer that property as if the power of appointment was not exercised if the personal representative, trustee, or other fiduciary has no notice of the existence of any of the following within 6 months after the death of the donee of the power of appointment:(a) A document purporting to be a will of the donee of the power of appointment if the power of appointment is exercisable by a will.(b) Some other documentation of the donee purporting to exercise the power of appointment if the power of appointment is exercisable other than by a will.History:  1971 c. 66; 1977 c. 309; 2005 a. 253; 2013 a. 92.A warranty deed grants a present fee simple interest. A purported reservation of a power of appointment in a warranty deed is ineffective. Powers may be reserved and a lesser interests granted, but not by warranty deed. Lucareli v. Lucareli, 2000 WI App 133, 237 Wis. 2d 487, 614 N.W.2d 60, 99-1679.
WI Stat § 702.07 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 702 - Powers of appointment.|702.07 - Power of appointment to be construed as exclusive.

702.07  Power of appointment to be construed as exclusive. The donee of any power of appointment may appoint the whole or any part of the appointive assets to any one or more of the permissible appointees and exclude others, except to the extent that the donor specifies either a minimum share or amount to be appointed to each permissible appointee or to designated appointees, or a maximum share or amount appointable to any one or more appointees.History:  2013 a. 92.
WI Stat § 702.08 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 702 - Powers of appointment.|702.08 - Disclaimer of a power of appointment.

702.08  Disclaimer of a power of appointment. The donee of any power of appointment may disclaim all or part of the power of appointment as provided under s. 700.27 or 854.13.History:  1977 c. 309; 1997 a. 188; 2005 a. 216; 2013 a. 92.
WI Stat § 702.09 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 702 - Powers of appointment.|702.09 - Release of a power of appointment.

702.09  Release of a power of appointment. (1) Unless the creating instrument expressly provides that the power of appointment cannot be released or expressly restricts the time, manner, or scope of release, the donee of any power of appointment may do any of the following:(a) At any time completely release the donee's power of appointment.(b) At any time or times release the donee's power of appointment in any one or more of the following respects:1. As to the whole or any part of the property which is subject thereto.2. As to any one or more persons or objects, or classes of persons or objects, in whose favor such power of appointment is exercisable.3. So as to limit in any other respect the extent to or manner in which the power of appointment may be exercised. (2) A release may be effected, either with or without consideration, by written instrument signed by the donee and delivered. (3) Delivery of a release may be accomplished in any of the following manners, but this subsection is permissive and does not preclude a determination that a release has been delivered in some other manner:(a) Delivery to any person specified in the creating instrument.(b) Delivery to a trustee or to one of several trustees of the property to which the power of appointment relates, or filing with the court having jurisdiction over the trust.(c) Delivery to any person, other than the donee, who could be adversely affected by an exercise of the power of appointment.(d) Recording in the office of register of deeds in the county where the property is located.History:  1993 a. 301, 486; 2013 a. 92.
WI Stat § 702.11 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 702 - Powers of appointment.|702.11 - Irrevocability of creation, exercise and release of a power of appointment.

702.11  Irrevocability of creation, exercise and release of a power of appointment. The creation, exercise or release of a power of appointment is irrevocable unless the power to revoke is reserved in the creation, exercise or release of the power of appointment.History:  2013 a. 92.
WI Stat § 702.13 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 702 - Powers of appointment.|702.13 - Recording instruments relating to a power of appointment.

702.13  Recording instruments relating to a power of appointment. (1) Any of the following instruments relating to a power of appointment is entitled to be recorded as a conveyance upon compliance with s. 706.05 (1):(a) An instrument, other than a will, exercising a power of appointment.(b) An instrument expressing consent to exercise.(c) A disclaimer.(d) A release. (2) If a power of appointment is exercised by a will, a certified copy of the will and of the certificate of probate thereof may be recorded.History:  1971 c. 41 s. 11; 1977 c. 309; 2013 a. 92.