reglab/housing_qa huggingface dataset:
WY Stat § 2-3-822 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 8 - Principal and Income|Section 2-3-822 - Timber.

2-3-822. Timber.| (a) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts:  (i) To income to the extent that the amount of timber removed from the land does not exceed the estimated rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest;  (ii) To principal to the extent that the amount of timber removed from the land exceeds the estimated rate of growth of the timber or the net receipts are from the sale of standing timber;  (iii) To or between income and principal if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust, by determining the amount of timber removed from the land under the lease or contract and applying the rules in paragraphs (i) and (ii) of this subsection; or  (iv) To principal to the extent that advance payments, bonuses and other payments are not allocated pursuant to paragraph (i), (ii) or (iii) of this subsection.  (b) In determining net receipts to be allocated pursuant to subsection (a) of this section, a trustee shall deduct and transfer to principal a reasonable amount for depletion.  (c) This act applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.  (d) If a trust owns an interest in timberland on the effective date of this act, the trustee may allocate net receipts from the sale of timber and related products as provided in this act or in the manner used by the trustee before the effective date of this act. If the trust acquires an interest in timberland after the effective date of this act, the trustee shall allocate net receipts from the sale of timber and related products as provided in this act.
WY Stat § 2-3-823 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 8 - Principal and Income|Section 2-3-823 - Property Not Productive of Income.

2-3-823. Property not productive of income.| (a) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under W.S. 2-3-804 and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse with the beneficial enjoyment required to obtain the marital deduction, the spouse may require the trustee to make property productive of income, convert property within a reasonable time or exercise the power conferred by W.S. 2-3-804(a). The trustee may decide which action or combination of actions to take.  (b) In cases not governed by subsection (a) of this section, proceeds from the sale or other disposition of an asset are principal without regard to the amount of income the asset produces during any accounting period.
WY Stat § 2-3-824 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 8 - Principal and Income|Section 2-3-824 - Derivatives and Options.

2-3-824. Derivatives and options.| (a) In this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a rate, an index of prices or rates or other market indicator for an asset or a group of assets.  (b) To the extent that a trustee does not account under W.S. 2-3-813 for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions.  (c) If a trustee grants an option to buy property from the trust, whether or not the trust owns the property when the option is granted, grants an option that permits another person to sell property to the trust, or acquires an option to buy property for the trust or an option to sell an asset owned by the trust, and the trustee or other owner of the asset is required to deliver the asset if the option is exercised, an amount received for granting the option must be allocated to principal. An amount paid to acquire the option must be paid from principal. A gain or loss realized upon the exercise of an option, including an option granted to a settlor of the trust for services rendered, must be allocated to principal.
WY Stat § 2-3-825 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 8 - Principal and Income|Section 2-3-825 - Asset-Backed Securities.

2-3-825. Asset-backed securities.| (a) In this section, "asset-backed security" means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return. The term does not include an asset to which W.S. 2-3-811 or 2-3-819 applies.  (b) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment which the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal.  (c) If a trust receives one (1) or more payments in exchange for the trust's entire interest in an asset-backed security in one (1) accounting period, the trustee shall allocate the payments to principal. If a payment is one (1) of a series of payments that will result in the liquidation of the trust's interest in the security over more than one (1) accounting period, the trustee shall allocate ten percent (10%) of the payment to income and the balance to principal.
WY Stat § 2-3-826 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 8 - Principal and Income|Section 2-3-826 - Disbursements From Income.

2-3-826. Disbursements from income.| (a) A trustee shall make the following disbursements from income to the extent that they are not disbursements to which W.S. 2-3-806(a)(ii)(B) or (C) applies:  (i) Interest, except interest on taxes as provided in W.S. 2-3-827(a)(vi);  (ii) Ordinary repairs and maintenance of real estate;  (iii) Real estate taxes and other regularly recurring taxes assessed against principal; and  (iv) Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.
WY Stat § 2-3-827 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 8 - Principal and Income|Section 2-3-827 - Disbursements From Principal.

2-3-827. Disbursements from principal.| (a) A trustee shall make the following disbursements from principal:  (i) Extraordinary expenses incurred in connection with the administration, management or preservation of trust property and the distribution of income;  (ii) Extraordinary repairs;  (iii) Repealed by Laws 2015, ch. 79, § 3.  (iv) Expenses in connection with accountings and judicial or other proceedings to construe, modify or reform the trust or to protect the trust or its property;  (v) Premiums paid on a policy of insurance not described in W.S. 2-3-826(a)(iv) of which the trust is the owner and beneficiary;  (vi) Estate, inheritance and other transfer taxes, including penalties, apportioned to the trust; and  (vii) Disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties and defending claims based on environmental matters.  (b) If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation.
WY Stat § 2-3-828 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 8 - Principal and Income|Section 2-3-828 - Transfers From Income to Principal for Depreciation.

2-3-828. Transfers from income to principal for depreciation.| (a) 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 (1) year and the purchase cost or value of such fixed asset is more than that amount provided by section 179 of the United States Internal Revenue Code or subsequent amendment to the Internal Revenue Code.  (b) 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:  (i) 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;  (ii) During the administration of a decedent's estate; or  (iii) Under this section if the trustee is accounting under W.S. 2-3-813 for the business or activity in which the asset is used.  (c) An amount transferred to principal need not be held as a separate fund.
WY Stat § 2-3-829 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 8 - Principal and Income|Section 2-3-829 - Transfers From Income to Reimburse Principal.

2-3-829. Transfers from income to reimburse principal.| (a) 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 (1) or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements.  (b) Principal disbursements to which subsection (a) of this section applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a third party:  (i) An amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs;  (ii) 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;  (iii) Disbursements made to prepare property for rental, including tenant allowances, leasehold improvements and broker's commissions;  (iv) 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; and  (v) Disbursements described in W.S. 2-3-827(a)(vii).  (c) 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 subsection (a) of this section.
WY Stat § 2-3-830 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 8 - Principal and Income|Section 2-3-830 - Income Taxes.

2-3-830. Income taxes.| (a) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income.  (b) 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.  (c) A tax required to be paid by a trustee on the trust's share of an entity's taxable income must be paid proportionately:  (i) From income to the extent that receipts from the entity are allocated to income; and  (ii) From principal to the extent that:  (A) Receipts from the entity are allocated to principal; and  (B) The trust's share of the entity's taxable income exceeds the total receipts described in paragraph (i) and subparagraph (ii)(A) of this subsection.  (d) For purposes of this section, receipts allocated to principal or income must be reduced by the amount distributed to a beneficiary from principal or income for which the trust receives a deduction in calculating the tax.
WY Stat § 2-3-831 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 8 - Principal and Income|Section 2-3-831 - Adjustments Between Principal and Income.

2-3-831. Adjustments between principal and income.| (a) Subject to W.S. 2-3-826 and 2-3-827, a trustee may, in the discretion of the trustee, allocate to income, principal or partly to each, the ordinary expenses incurred in connection with the administration, management or preservation of trust property and the distribution of income including the compensation of the trustee and of agents hired by the trustee including investment advisors, custodians or income tax preparation services.  (i) Repealed by Laws 2015, ch. 79, § 3.  (ii) Repealed by Laws 2015, ch. 79, § 3.  (iii) Repealed by Laws 2015, ch. 79, § 3.  (b) 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.
WY Stat § 2-3-833 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 8 - Principal and Income|Section 2-3-833 - Uniformity of Application and Construction.

2-3-833. Uniformity of application and construction.| In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
WY Stat § 2-3-834 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 8 - Principal and Income|Section 2-3-834 - Application of Act to Trusts and Estates; Principal Place of Administration.

2-3-834. Application of act to trusts and estates; principal place of administration.| This act applies to every trust that has its principal place of administration in Wyoming and to every decedent's estate probated in Wyoming except where the trust or will expressly applies the principal and income act of another state or as otherwise expressly provided in this act.
WY Stat § 2-3-835 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 8 - Principal and Income|Section 2-3-835 - Trustee Discretion to Include Capital Gains in Income.

2-3-835. Trustee discretion to include capital gains in income.| (a) To the extent a trustee is given the power to make mandatory or discretionary distributions of income, the trustee may, on an annual basis, include realized capital gains in trust income and in determining section 643(a) of the Internal Revenue Code distributable net income, if the allocation is reasonable and impartial.  (b) To the extent a trustee is given the power to make mandatory or discretionary distributions of principal, the trustee may, on an annual basis, include realized capital gains in determining Section 643(a) Internal Revenue Code distributable net income, if the allocation is reasonable and impartial.
WY Stat § 2-3-901 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 9 - Wyoming Unitrust Act|Section 2-3-901 - Short Title.

2-3-901. Short title.| This act shall be known and may be cited as the "Wyoming Unitrust Act".
WY Stat § 2-3-902 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 9 - Wyoming Unitrust Act|Section 2-3-902 - Definitions.

2-3-902. Definitions.| (a) As used in this act:  (i) "Beneficiary" means a person as defined in W.S. 2-3-802(a)(ii);  (ii) "Disinterested person" means a person who is not a "related or subordinate party" as defined in § 672(c) of the Internal Revenue Code, with respect to the person then acting as trustee of the trust and excludes the settlor of the trust and any interested trustee;  (iii) "Income trust" means a trust, created by either an inter vivos or a testamentary instrument, which directs or permits the trustee to distribute the net income of the trust to one (1) or more persons, either in fixed proportions or in amounts or proportions determined by the trustee. Notwithstanding the foregoing, no trust that otherwise is an "income trust" shall qualify under this act, if it may be subject to taxation under Internal Revenue Code §§ 2001 or 2501, until the expiration of the period for filing the return therefore, including extensions;  (iv) "Interested distributee" means a person to whom distributions of income or principal can currently be made who has the power to remove the existing trustee and designate as successor a person who may be a "related or subordinate party", as defined in Internal Revenue Code § 672(c) with respect to the distributee;  (v) "Interested trustee" means:  (A) An individual trustee to whom the net income or principal of the trust can currently be distributed or would be distributed if the trust were then to terminate and be distributed;  (B) Any trustee who may be removed and replaced by an interested distributee; or  (C) An individual trustee whose legal obligation to support a beneficiary may be satisfied by distributions of income and principal of the trust.  (vi) "Total return unitrust" means an income trust which has been created or converted under and meets the provisions of this act;  (vii) "Trustee" means all persons acting as trustee of the trust, except where expressly noted otherwise, whether acting in their discretion or on the direction of one (1) or more persons acting in a fiduciary capacity;  (viii) "Settlor" means a person as defined in W.S. 4-10-103(a)(xviii);  (ix) "Unitrust amount" means an amount computed as a percentage of the fair market value of the trust;  (x) "This act" means W.S. 2-3-901 through 2-3-917.
WY Stat § 2-3-904 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 9 - Wyoming Unitrust Act|Section 2-3-904 - Unitrust Election Where There Is No Trustee Other Than an Interested Trustee; Requirements to Make Unitrust Election.

2-3-904. Unitrust election where there is no trustee other than an interested trustee; requirements to make unitrust election.| (a) If there is no trustee of the trust other than an interested trustee, the interested trustee, or where two (2) or more persons are acting as trustees and are interested trustees, a majority of the interested trustees, in its sole discretion and without the approval of the district court, may:  (i) Elect to release the power to adjust described in W.S. 2-3-804 and to convert an income trust to a total return unitrust;  (ii) Reconvert a total return unitrust to an income trust and reinstate the power to adjust described in W.S. 2-3-804; or  (iii) Change the percentage used to calculate the unitrust amount or the method used to determine the fair market value of the trust if the requirements of W.S. 2-3-903(a) through (f) are completed and the trustee appoints a disinterested person who, in its sole discretion but acting in a fiduciary capacity, determines for the trustee:  (A) The percentage to be used to calculate the unitrust amount;  (B) The method to be used in determining the fair market value of the trust; and  (C) Which assets, if any are to be excluded in determining the unitrust amount.
WY Stat § 2-3-905 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 9 - Wyoming Unitrust Act|Section 2-3-905 - Unitrust Election by Beneficiary; Ability to Request Trustee Action.

2-3-905. Unitrust election by beneficiary; ability to request trustee action.| (a) A beneficiary, who is receiving, or is entitled to receive, income under the trust or to receive a distribution of principal if the trust were terminated, may:  (i) Submit to the trustee a written request to convert an income trust to a total return unitrust;  (ii) Reconvert a total return unitrust to an income trust; or  (iii) Change the percentage used to calculate the unitrust amount pursuant to W.S. 2-3-904.  (b) If the trustee declines or fails to act within six (6) months of receipt of the written request, the beneficiary may petition the district court to order the conversion or adjustment.
WY Stat § 2-3-906 (2021)
2021 Wyoming Statutes|Title 2 - Wills, Decedents' Estates and Probate Code|Chapter 3 - Fiduciaries|Article 9 - Wyoming Unitrust Act|Section 2-3-906 - Settlor Created Unitrust.

2-3-906. Settlor created unitrust.| A settlor may create a trust instrument with terms providing that the trust shall be administered as a total return unitrust under this act. A settlor may also create a trust instrument with terms providing that the trust may be administered as either an income trust or as a total return unitrust under this act in the discretion of the trustee or a trust protector appointed in the trust instrument.