Manny, a calendar$-$year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December he performed $$38,000$ of legal services for a client. Manny typically requires his clients to pay his bills immediately upon receipt. Assume Manny$$s marginal tax rate is $37$ percent this year and next year, and that he can earn an after$-$tax rate of return of $12$ percent on his investments.

What is the after$-$tax income if Manny sends his client the bill in January? Use Exhibit $3\mathrm{.}1.$

Note: Round your answer to the nearest whole dollar amount.EXHIBIT $3-1$ Present Value of a Single Payment at Various Annual Rates of

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