Wyoming § 2-3-811 Character of receipts

Wyoming Statutes

§ 2-3-811 — Character of receipts

Wyoming § 2-3-811

Title 02Wills, Decedents' Estates and Probate Code

Ch. 3FIDUCIARIES

Art. 8PRINCIPAL AND INCOME

This text of Wyoming § 2-3-811 (Character of receipts) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wyo. Stat. Ann. § 2-3-811 (2026).

Text

(a)In this section, "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund or any other organization in which a trustee has an interest other than a trust or estate to which W.S. 2-3-811 applies, a business or activity to which W.S. 2-3-813 applies or an asset-backed security to which W.S. 2-3-825 applies.

(b)Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity.

(c)A trustee shall allocate the following receipts from an entity to principal:

(i)Property other than money;

(ii)Money received in one (1) distribution or a series of related distributions in exchange for part or all of a trust's interest in the entity;

(iii)Money received in

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(a) In this section, "entity" means a corporation,
partnership, limited liability company, regulated investment
company, real estate investment trust, common trust fund or any
other organization in which a trustee has an interest other than
a trust or estate to which W.S. 2-3-811 applies, a business or
activity to which W.S. 2-3-813 applies or an asset-backed
security to which W.S. 2-3-825 applies.
(b) Except as otherwise provided in this section, a
trustee shall allocate to income money received from an entity.
(c) A trustee shall allocate the following receipts from
an entity to principal:
(i) Property other than money;
(ii) Money received in one (1) distribution or a
series of related distributions in exchange for part or all of a
trust's interest in the entity;
(iii) Money received in total or partial liquidation
of the entity; and
(iv) Money received from an entity that is a
regulated investment company or a real estate investment trust
if the money distributed is a capital gain dividend for federal
income tax purposes.
(d) Money is received in partial liquidation:
(i) To the extent that the entity, at or near the
time of a distribution, indicates that it is a distribution in
partial liquidation; or
(ii) If the total amount of money and property
received in a distribution or series of related distributions is
greater than twenty percent (20%) of the entity's gross assets,
as shown by the entity's year-end financial statements
immediately preceding the initial receipt.
(e) Money is not received in partial liquidation, nor may
it be taken into account under paragraph (d)(ii) of this
section, to the extent that it does not exceed the amount of
income tax that a trustee or beneficiary must pay on taxable
income of the entity that distributes the money.
(f) A trustee may rely upon a statement made by an entity
about the source or character of a distribution if the statement
is made at or near the time of distribution by the entity's
board of directors or other person or group of persons
authorized to exercise powers to pay money or transfer property
comparable to those of a corporation's board of directors.