Exercise 28-12 (LO. 1) Compute the Federal income tax liability for the Valerio Trust. The entity reports the following transactions for the 2019 tax year. The trustee accumulates all accounting income for the year. Operating income from a business $500,000 Dividend income, all from U.S. corporations 30,000 Interest income, City of San Antonio bonds 40,000 Fiduciary fees, deductible portion (15,000) Net rental losses, passive activity (100,000) Click here to access tax table for this problem. Carryout the tax computations to two decimal places. Compute the Federal income tax liability for the Valerio Trust by providing the following amounts: The amount of the fiduciary's gross income taxed at 20% for the Valerio Trust is $ 30,000 The fiduciary taxable income taxed at ordinary rates for the Valerio Trust is $ 484,900. The Federal income tax liability for the Valerio Trust is $ X. Income Tax Rates-Estates and Trusts Tax Year 2019 Taxable income The Tax is: Over- $ 0 2,600 9,300 12,750 But not Over- $ 2,600 9,300 12,750 10% $ 260.00 + 24% 1,868.00 + 35% 3,075,50 + 37% Of the Amount Over- $ 0 2,600 9,300 12,750 Tax Year 2018 Taxable income The Tax is: But not Over- of the Amount Over- Over- $ 0 2,550 9,150 12,500 $ 2,550 9,150 12,500 10% $ 255.00 +24% 1,839.00 + 35% 3,011.50 +37% $ 0 2,550 9,150 12,500