Which of the following amounts will NOT be included, either as an inclusion or a deduction, in the determination of Net Income For Tax Purposes of a trust?

a. Retained income which has been allocated to a preferred beneficiary of the trust.

b. Amounts paid or payable to a beneficiary of the trust.

c. The difference between the fair market value and the cost of assets transferred to a capital beneficiary.

d. Amounts that have been paid to a beneficiary but have been designated not to have been paid.