The Bellow Trust has the following activities during Year 2.

Dividend Income	$100,000
Tax-Exempt Interest Income	$15,000
Recognized Long-Term Capital Gain, allocated by trust agreement to income beneficiaries	$25,000
Fiduciarys Fees	$10,000
Contribution to Mt. Olive Church, paid on 08-30-Year 3 from Year 2 trust accounting income, as authorized by the trust agreement	$20,000
Deduction for Discretionary beneficiary distribution (assumed)	98,214

The trustee could, at her discretion, distribute any amount of the Bellow Trust income or corpus during the term of the trust. Compute Bellows taxable income. Please show your work in detail.

Note: Exemptions for Simple trust $300, Complex trust $100

Note: The answer for the same Q on the Chegg website is incorrect.