Exercise $20-12(Algorithmic)(LO.1)$

The entity reports the following transactions for the $2023$ tax year. The trustee accumulates all accounting income for the year.

Click here $to$ access tax table for this problem.

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 $at20\%$ for the Valerio Trust $is$ $

$$

The Trustee taxable income taxed $at$ ordinary rates for the Valerio Trust $is$ $

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

$x.$