The answer is also not 130,604

Exercise 28-12 (Algorithmic) (LO. 1) The entity reports the following transactions for the 2020 tax year. The trustee accumulates all accounting income for the year. $535,000 32,100 Operating income from a business Dividend income, all from U.S. corporations (20% tax rate) Interest income, City of San Antonio bonds Fiduciary fees, deductible portion Net rental losses, passive activity 4,280,000 (16,050) (107,000) 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 fiduciary's gross income taxed at 20% for the Valerio Trust is sl 32,100 The fiduciary taxable income taxed at ordinary rates for the Valerio Trust is $L 518,850 The Federal income tax liability for the Valerio Trust is $ 196,732 X