The trust instrument provides that Celine, the sole income beneficiary, is to receive $80,000 annually. If the trust accounting income is not sufficient to pay this amount, the trustee is empowered to invade corpus to the extent necessary. During the current year, the trust has distributable net income of $150,000, including $30,000 of tax-exempt interest. In accordance with the trust instrument, $80,000 is paid to Celine. How much income is taxable to Celine for the current year?

a. $150,000

b. $16,000

c. $80,000

d. None of the above

e. $64,000