In 2003, Belinda Barclay established the Barclay Trust, an irrevocable trust, and named the local Bank as Trustee. She funded the trust with corporate and municipal bonds. The trustee is directed to distribution income and/or principal at its discretion to Belinda's adult sons, Joe and Rusty, for 15 years and then payout the remaining trust assets, including any accumulated income, equally between the two sons. Half of the trustee's fee is charged to principal and half to income. During the current year, the trustee distributed $15,000 to Joe and 10,000 to Rusty. Other current information for the trust for 2014 is as follows:

Corporation bond interest                                                            $15,000

Municipal bond interest                                                                22,000

Long-term capital gain on sale of corporation bonds                       14,000

CPA fee for prior year tax return                                                   1,800

Trustee's fee                                                                              2,500

Estimated federal income taxes paid by the trust for 2014              7,700

The trust has a $1,000 short-term capital loss carryover from 2013

Compute the trust's taxable income before the distribution deduction, the distribution deduction, the taxable income, the tax payable by the trust, and income to be reported by Joe and Rusty.