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

The entity reports the following transactions for the $2023$ tac year. The truatee accumulates all accounting income for the year.

$\backslash$table$[[$Operating income from a business,$$605,000],[$Dividend income, al from U$.$S$.$ corporations $(20\%$ tax rate$),35,300],[$Interest income, Cry of San Antonio bonds,$4,840,000],[$Trustee fees, deductible portion,$(18,150)],[$Net rental losses, passive activity,$(121,000)]]$

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Carryout the tay computations to two decimal places and round the final tax liability to the nearest dollar. Compute the Federal income tax lability 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 $1$

The Trustee taxable income taxed at ordinary rates for the Valerio Trust is : $$ X$.$ The Federal inceme tax liability for the valerio Trust is $ $$ X