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eBook Calculator Problem 12-22 (LO. 3,7) Paul Chaing acquires a qualifying historic structure for $350,000 (excluding the cost of the land) and plans to substantially rehabilitate the structure. He is planning to spend either $320,000 or $380,000 on rehabilitation expenditures. Complete the letter to Paul and the memo for the tax research files that outlines the two alternative expenditures, which includes: a. The computation that determines the rehabilitation expenditures tax credit available to Paul. b. The effect of the credit on Paul's adjusted basis in the property. C. The cash-flow differences as a result of the tax consequences related to his expenditure choice. Money, Young, Nellen, & Persellin, CPAS 5191 Natorp Boulevard Mason, OH 45040 September 27, 2020 Mr. Paul Chaing 4522 Fargo Street Geneve, IL 60134 Dear Mr Chaing This letter is in response to your questions concerning the availability of the rehabilitation tax credit for expenditures that you plan to incur in the rehabilitation of your qualifying historic structure and their impact on the cost recovery basis of the structure. It is our understanding that you purchased the qualifying historic structure for $350,000 and that you intend to incur rehabilitation expenditures of either $320,000 or $380,000 For the credit to be available, the law requires that a taxpayer substantially rehabilitate the structure. If you incurred rehabilitation expenditures of $320,000, the credit would not be available and the cost recovery basis of the structure would be 670,000 By incurring $380,000 on rehabilitation expenditures, the credit would structure would be s be available and the cost recovery basis of the