Due to the double evaluation nature of IIF, you have to double escape text 
results in IIF. For example:
IIF(1 eq 1, '"one"', '"not one"')
What you see there is single quotes around double quotes. This can also be 
done with the DE() function, but that's a waste in my mind.

http://www.fusionauthority.com/Techniques/Article.cfm/ArticleID:2531


>I am using the CF report builder and having a tough time with a
> conditional statement.
>
> What I want to achieve is a field on the report that says either "C" or
> "FFS"
>
> What I want this to say is... If #query.capdate" is before January 1,
> 1900, show "FFS", otherwise show "C"
>
> How do I make this work on the field in the report writer? I have tried
> four billion things and keep getting an error saying that C is not a
> valid variable name!
>
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