Exercise:28-12 (Algorithmic) (1.0. 1) The entity reports the following transactions for the 2021 tax year. The trustee accumulates all accounting income for the year. 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 lability for the Valerio Trust by providing the following amounts: The ainount 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 5 The federal income tax liabality for the Valerio Trust is 5 reedtuck F Check Wy Wun Congress's desare to stop trusts from being used as income- shiting devices fias made the trust entity the highest taxed taxpayer in the Code. The entity reaches the 37 percent marginal Federal incomat tax rate in 2021 once taxable income exceeds 513,050 , so the grantor's abifity to shift income in a tax-effective manner is nearly elimunated. Exercise:28-12 (Algorithmic) (1.0. 1) The entity reports the following transactions for the 2021 tax year. The trustee accumulates all accounting income for the year. 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 lability for the Valerio Trust by providing the following amounts: The ainount 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 5 The federal income tax liabality for the Valerio Trust is 5 reedtuck F Check Wy Wun Congress's desare to stop trusts from being used as income- shiting devices fias made the trust entity the highest taxed taxpayer in the Code. The entity reaches the 37 percent marginal Federal incomat tax rate in 2021 once taxable income exceeds 513,050 , so the grantor's abifity to shift income in a tax-effective manner is nearly elimunated