Your client comes to you and tells you he received a "distribution"from a company - ABACO INC - that he owns stock in.  He owned less than 1% of ABACO. He tells you that he was told that this $100,000 distribution was NOT a dividend to him.  He tells you that he had bought the ABACO stock for $50,000.  You know that he is in the HIGHEST regular tax rate -37%.  He wants to know how much of this $100,000 he will pocket - net of federal income taxes? Please show your work.