Exercise 20-14 (LO. 1) 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 Dividend income, all from U.S. corporations Interest income, City of San Antonio bonds Fiduciary fees, deductible portion Net rental losses, passive activity $500,000 30,000 40,000 (15,000) (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 $ 30,000 The fiduciary taxable income taxed at ordinary rates for the Valerio Trust is $ 484,900 . The Federal income tax liability for the Valerio Trust is $ 131,350 X