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The Federal income tax liability for the Valerio Trust is $_____ INFO: Operating income from a business $815,000 Dividend income, all from US Corp (20%
The Federal income tax liability for the Valerio Trust is $_____
INFO:
Operating income from a business | $815,000 |
Dividend income, all from US Corp (20% tax rate) | $48,900 |
Interest income, City of San Antonio bonds | $6,520,000 |
Trustee fees, deductible portion | (24,450) |
Net rental losses, passive activity | (163,000) |
The trustee taxable income at ordinary rates I got was: $790,450 which is correct.
The tax table:
Income Tax Rates-Estates and Trusts Tax Year 2021 Income Tax Rates-C Corporations, 2018 and after For all income levels, the tax rate is 21%Step by Step Solution
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