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.

Operating income from a business$$635,000$Dividend income, all from U$.$S$.$ corporations

$(20\%$ tax rate$)38,100$Interest income, City of San Antonio bonds$5,080,000$Trustee fees, deductible portion$(19,050)$Net rental losses, passive activity$(127,000)$

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 at $20\%$ for the Valerio Trust is $fill in the blank $1.$

The Trustee 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 $3.$