C:$14-32$ Determination of Taxable Income and Tax Liability. A simple trust has the following receipts and expenditures for $2022.$ The trust instrument is silent with respect to capital gains, and state law concerning trust accounting income follows the Uniform Act. Assume the trustee$$s fee is charged equally to income and to principal.

Corporate bond interest $-$ $$40,000$

Tax$-$exempt interest $$ $$9,000$

Long$-$term capital gain $$ $$5,000$

Trustee$$s fee $$ $$2,000$

Distribution to beneficiary $$ $$48,000$

a$.$ What is the trust$$s taxable income under the formula approach of Figure C:$14-1?$

b$.$ What is the trust$$s tax liability?