Exercise 28-16 (c) (LO. 2) The Snyder Trust reports 2020 gross rent income of $1,800,000, expenses attributable to the rents of $700,000, tax-exempt interest from state bonds of $20,000 and $30,000 of dividend income. Under the trust agreement, the trustee is to pay 40% of the annual trust accounting income to Belmont United Way, a qualifying charitable organization. If required, round any division to two decimal places. Round your final answer to the nearest dollar. a. The charitable contribution deduction allowed for 2020 is $ b. Express the solution as a Microsoft Excel command. GIFT ACCTGINCOMEXCHARITYRATE DEDUCT=MIN(GIFT,(GIFTXGROSSINCOME/ACCTGINCOME)) 12,000 X.