Alex the sole shareholder of Corporation For the past five yearsN has reported little or no taxable income as a result of paying Ma salary of \$500, per year. During a recent IRS audit, the revenue agent determined that M's educational and business experience, and his time devoted to managing justihed a salary of only 200,000. Thus, the agent recharacterized $300,000 of the payments from the corporation as a dividend. Assume that all dividends are taxed to the individuals at a 20% tax rate. What are the annual tax savings to Mas a result of the constructive dividend treatment? Calculate the change income tax liability as a result of this changeAssume that marginal tax rate on ordinary income is 37 percent. (lenore any payroll tax consequences)