Problem 12-22 (LO. 3, 8) In the current year, 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: 1. The computation that determines the rehabilitation expenditures tax credit available. 2. The effect of the credit on Paul's adjusted basis in the property. 3. The cash-flow differences as a result of the tax consequences related to his expenditure choice.