Compute the Federal income tax liability for the Valerio Trust. The entity reports the following...
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Accounting
Compute the Federal income tax liability for the Valerio Trust. The entity reports the following transactions for the 2022 tax year. The trustee accumulates all accounting income for the year. Operating income from a business: $500,000
Dividend income, all from US corporations (20% tax rate): $30,000
Interest income, City of San Antonio bonds: $40,000
Trustee fees, deductible portion: ($15,000)
Net rental losses, passive activity: ($100,000)
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