The trustee of the Epsilon Trust distributed an asset to Telly, a qualifying income beneficiary. The asset's basis to the trust was $10,000, and its fair market value on the distribution date was $25,000. Which of the following statements is true? a. Assuming that the trustee made an election under § 643(e), the trust is allowed a $10,000 distribution deduction for this transaction. b. Lacking any election by the trustee, Telly's basis in the asset is $10,000. c. Assuming that the trustee made an election under § 643(e), Telly recognizes $10,000 gross income on the distribution. d. Lacking any election by the trustee, the trust recognizes $15,000 gross income on the distribution.