1 Compute the total cash that would be received by your client under the repurchase and the Question Description 1 Compute the total cash that would be received by your client under the repurchase and the dividend both before taxes and after taxes 2 The calculation in step 4 reflects your clients immediate cash flow and tax liability, but it does not consider the final payoff for the client after any shares not sold in a repurchase are liquidated To incorporate this feature, you first decide to see what happens if the client sells all remaining shares of stock immediately after the dividend or the repurchase Assume that the stock price will fall by the amount of the dividend if a dividend is paid What are the clients total aftertax cash flows (considering both the payout and the capital gain) under the repurchase of the dividend in this case