Exercise 20-12 (Algorithmic) (LO. 1) The entity reports the following transactions for the 2021 tax year. The trustee accumulates all accounting income for the year.. Operating income from a business. $565,000 33,900 Dividend income, all from U.S. corporations (20% tax rate) Interest income, City of San Antonio bonds 4,520,000 Trustee fees, deductible portion (16,950) Net rental losses, passive activity (113,000) Click here to access tax table for this problem. Carryout the tax computations to two decimal places and round the final tax liability to the nearest dollar. Compute the Federal income tax liability for the Valerio Trust by providing the following amounts: The amount of the trustee's gross income taxed at 20% for the Valerio Trust is $ The Trustee taxable income taxed at ordinary rates for the Valerio Trust is The Federal income tax liability for the Valerio Trust is $ Income Tax Rates-Estates and Trusts Tax Year 2021 Taxable Income The Tax Is: Of the Amount But not Over- Over- Over- $ 0 $ 2,650 10% $ 0 2,650 9,550 $ 265.00 +24% 2,650 9,550 13,050 1,921.00 +35% 9,550 13,050 3,146.00 +37% 13,050 Income Tax Rates-C Corporations, 2018 and after For all income levels, the tax rate is 21%