Question: The entity reports the following transactions for the 2019 tax year.
1. Operating income from a business $555,000.
2. Dividend income, all from U.S. corporations 33,300.
3. Interest income, City of San Antonio bonds 4,440,000.
4. Fiduciary fees, deductible portion (16,650).
5. Net rental losses, passive activity ( 111,000).
Required: What is the fiduciary's gross income taxed at 20% for the Valerio Trust?
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