Peyton Trust, which is a simple trust, distributed $45,000 to its sole beneficiary, Brooke, in the current year. Further, it had the following items of income and expense for the current year.

Interest income from municipal bonds....................................$10,000
Gross income from rental properties.........................................30,000
Operating expenses for the rental properties.............................5,000
Trust fees allocable to the rental properties................................2,000

What is Peyton’s income distribution deduction for the current year?

a. $23,000

b. $33,000

c. $40,000

d. $45,000