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.
Structure Wyoming Statutes
Title 2 - Wills, Decedents' Estates and Probate Code
Article 8 - Principal and Income
Section 2-3-801 - Short Title.
Section 2-3-802 - Definitions.
Section 2-3-803 - Fiduciary Duties; General Principles.
Section 2-3-804 - Trustee's Power to Adjust; Liability of Trustee.
Section 2-3-806 - Determination and Distribution of Net Income.
Section 2-3-807 - Distribution to Residuary and Remainder Beneficiaries.
Section 2-3-808 - When Right to Income Begins and Ends.
Section 2-3-810 - Apportionment When Income Interest Ends.
Section 2-3-811 - Character of Receipts.
Section 2-3-812 - Distribution From Trust or Estate.
Section 2-3-813 - Business and Other Activities Conducted by Trustee.
Section 2-3-814 - Principal Receipts.
Section 2-3-815 - Rental Property.
Section 2-3-816 - Obligation to Pay Money.
Section 2-3-817 - Insurance Policies and Similar Contracts.
Section 2-3-818 - Insubstantial Allocation Not Required.
Section 2-3-819 - Deferred Compensation, Annuities and Similar Payments.
Section 2-3-820 - Liquidating Asset.
Section 2-3-821 - Minerals, Water and Other Natural Resources.
Section 2-3-823 - Property Not Productive of Income.
Section 2-3-824 - Derivatives and Options.
Section 2-3-825 - Asset-Backed Securities.
Section 2-3-826 - Disbursements From Income.
Section 2-3-827 - Disbursements From Principal.
Section 2-3-828 - Transfers From Income to Principal for Depreciation.
Section 2-3-829 - Transfers From Income to Reimburse Principal.
Section 2-3-830 - Income Taxes.
Section 2-3-831 - Adjustments Between Principal and Income.
Section 2-3-832 - Judicial Control of Discretionary Powers.
Section 2-3-833 - Uniformity of Application and Construction.
Section 2-3-834 - Application of Act to Trusts and Estates; Principal Place of Administration.
Section 2-3-835 - Trustee Discretion to Include Capital Gains in Income.