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2. The Cello Trust, a simple trust, receives the following items. Taxable Income Tax-Exempt Interest Long-Term Capital Gain- allocated to corpus Fees - allocated to

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2. The Cello Trust, a simple trust, receives the following items. Taxable Income Tax-Exempt Interest Long-Term Capital Gain- allocated to corpus Fees - allocated to income 5,000 4,000 a) Compute Cello's accounting income. b) Compute Cello's taxable income before the distribution deduction. c) Calculate Cello's distributable net income and the distribution deduction. d) Complete the computation of Cello's taxable income

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