Exercise 28-12 (Algorithmic) (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 $845,000

Dividend income, all from U.S. corporations 50,700

Interest income, City of San Antonio bonds 6,760,000

Fiduciary fees, deductible portion (25,350)

Net rental losses, passive activity (169,000)

have 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 fiduciary's gross income taxed at 20% for the Valerio Trust is $. 50,700

The fiduciary taxable income taxed at ordinary rates for the Valerio Trust is $. ?

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