Compute the Federal income tax liability for the Valerio Trust. 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...............................................$ 500,000 

Dividend income, all from U.S. corporations...................................30,000 

Interest income, City of San Antonio bonds....................................40,000 

Fiduciary fees, deductible portion.....................................................(15,000) 

Net rental losses, passive activity....................................................(100,000)