Molly purchases some office furniture for sole use in her business and it has an effective life of 15 years. She makes a deliberate choice to depreciate this furniture using the diminishing value method since it provides her with a larger tax deduction, and lower taxable income, in the early years of the furniture's useful life compared the prime cost method.
Has Molly obtained a tax benefit in accordance with section 177C? Explain your reasoning.

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The Answer of Molly purchases some office furniture for sole use in her business and it has an effective life of 15 years. She makes a deliberate choice to depreciate this furniture using the diminishing value method since it provides her with a larger tax deduction, and lower taxable income, in the early years of the furniture's useful life compared the prime cost method.
Has Molly obtained a tax benefit in accordance with section 177C? Explain your reasoning.

Molly Purchases Some Office Furniture for Sole Use in Her