The entity reports the following transactions for the 2020 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 (20% tax rate) 30,000

Interest income, City of San Antonio bonds 40,000

Fiduciary fees, deductible portion (15,000)

Net rental losses, passive activity (100,000)

Carryout the tax computations to two decimal places and round the final tax liability to the nearest dollar.

The tax liability over 12,950 is $3,129.00 + 37%

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 _______ (30000) .

The fiduciary taxable income taxed at ordinary rates for the Valerio Trust is $ _________ (484900).

The Federal income tax liability for the Valerio Trust is $_____________.