Compute the Federal income tax liability for the Valerio Trust. The entity reports the following transactions for the 2012 tax year. The trustee accumulates all accounting income for the year.
Operating income from a business $400,000
Dividend income, all from U.S. corporations 30,000
Interest income, City of San Antonio bonds 40,000
Fiduciary fees, deductible portion 10,000
Net rental losses, passive activity (100,000)
Carryout the tax computation to two decimal places and if required, round your final answer to the nearest dollar.