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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 Compute

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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 Compute Cello's accounting Income. a) b) c) d) $30,000 10,000 5,000 4,000 Compute Cello's taxable income before the distribution deduction. Calculate Cello's distributable net income and the distribution deduction. Complete the computation of Cello's taxable income.

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