1 Unit 5 Lab Assignment . EX.20-12.Algo , EX.20-13.Algo , EX.20-14.Algo . EX.20-15.Algo . EX.20-16.Algo , PR.20-24.Algo PR.20-27 . PR.20-29 Progress: 1/8 items Assignment Score: 79.17% Unit 5 AssignmeuJip eBook Exercise 20-12 (Algorithmic) (L0. 1) The entity reports the following transactions for the 2021 tax year. The trustee accumulates all accounting income for the year. Operating income from a business Dividend income, all from U.S. corporations (20% tax rate) Interest income, City of San Antonio bonds Trustee fees, deductible portion Net rental losses, passive activity 4,440,000 $555,000 (16,650) (111,000) 33,300 Click here to access tax table for this problem. carryout the tax computations to two decimal places and round the nal tax liability to the nearest dollar. The Federal income tax liability for the Valerio Trust is _ X . Feedback 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 _ / . The Trustee taxable income taxed at ordinary rates for the Valerio Trust is _ X . V Check My Work Congress's desire to stop trusts from being used as income-shifting devices has made the trust entity the highest-taxed taxpayer in the Code. The entity reaches the 37 percent marginal Federal income tax rate in 2021 once taxable income exceeds $13,050, so the grantor's ability to shift income in a tax-effective manner is nearly eliminated. eck My Work 1 more Check My Work uses remaining. All work saved. HW_20_'I.pdf.pdf A ~ Screenshol_202....pdf A Taxation_Review.l. .pdf A Next ) Submit Assignment for Grading Taxation_Reviewl...pdf A Show All 6 Q X