Problem 17-11 (LO. 2) In January 2018, Iris Corporation purchased and placed in service a certified historic structure building that houses retail businesses. The cost was $300,000, of which $25,000 applied to the land. In modernizing the facility, Iris Corporation incurred $312,000 of renovation costs of the type that qualify for the rehabilitation credit. These improvements were placed in service in October 2019. The MACRS straight-line depreciation for nonresidential real property assuming mid-month convention for year 2 for property placed into service in January is the 2.564%. The MACRS straight-line depreciation for nonresidential real property assuming mid-month convention for year 1 for property placed into service in October is the 0.535%. If required, round your answers to the nearest dollar. a. Iris Corporation's rehabilitation tax credit for 2019 is $ X. Feedback b. The cost recovery deduction for the building is $ 7,051 and the building improvements for 2019 is $ X