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If the trust is required to distribute the income - the income is included into K-1 despite if it was actually distributed or not and will be taxed for beneficiaries.
The trust tax rates may be found on the page 27 instructions for the trust income tax return - http://www.irs.gov/pub/irs-pdf/i1041.pdf
Taxes for the trust are computed in the schedule G - http://www.irs.gov/pub/irs-pdf/f1041.pdf However if the trust has a long term capital gain and/or qualified dividends - you should use schedule D and schedule D worksheet.