The entity reports the following transactions for the 2021 tax year. The trustee accumulates all accounting income for the year.

This is for the U.S.

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 $30,000 The Trustee taxable income taxed at ordinary rates for the Valerio Trust is 484,900

The Federal income tax liability for the Valerio Trust is? (need answer)

Operating income from a business $500,000 Dividend income, all from U.S. 30,000 corporations (20\% tax rate) Interest income, City of San Antonio 40,000 bonds Trustee fees, deductible portion (15,000) Net rental losses, passive activity (100,000) Income Tax Rates-Estates and Trust ] Tax Year 2021 Income Tax Rates-C Corporations, 2018 and after For all income levels, the tax rate is 21%