Two part question about trusts in their final year:

[trust6060]

in the final year of a trust, can $3k of capital loss be deducted from trust ordinary income before distributing the (remaining) capital loss to beneficiaries? 

in the final year, can an exemption be taken if the amount of the trust's deductions is less than the trust income, or is the exemption entirely disallowed no matter the circumstances in the final year?

[ScruffyCurmudgeon]

I'm unclear why you believe that the two events you mention are handled differently in the terminal year of an Estate or Trust from any prior year's filing.

1. The process of completing the Form 1041, whether it is the terminal year or not, includes the application of up to $3,000 of available capital loss against a comparable amount of ordinary income.  This is done before the calculation of Distributable Net Income to the Beneficiaries.  
   
   
2. As to the $100 or $300 exemption [simple trust v complex trust], it is always deducted on Line 22, even if the result were to cause the Total of all deductions (including Income Distribution to Beneficiaries and Exemption) to result in a negative sum for Taxable Income, and no tax.