Business, 06.12.2020 09:40 malaysiasc93

Compute the Federal income tax liability for the Valerio Trust. The entity reports the following transactions for the 2019 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 30,000
Interest income, City of San Antonio bonds 40,000
Fiduciary fees, deductible portion (15,000)
Net rental losses, passive activity (100,000)
Click here to access tax table for this problem.
Carryout the tax computations to two decimal places.
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 $fill in the blank 1.
The fiduciary taxable income taxed at ordinary rates for the Valerio Trust is $fill in the blank 2.
The Federal income tax liability for the Valerio Trust is $fill in the blank 3

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Compute the Federal income tax liability for the Valerio Trust. The entity reports the following tra...