Two (2 marks) Construct Pte Ltd ('Constructco') conducts a construction business. The company owns various items of equipment that are used in its construction business and which the company depreciates for tax purposes. Year One: Constructco purchases an item of plant for $5,500. The plant is used in the company's business. There is a depreciation deduction for the year of $1,000. Year Two: Midway through the year the plant is stolen from the work site. The equipment is never seen again. Relying on s.34 the CEO allows the company a deduction of $4,500. Here is the question. Rather than relying on s.34, could the CEO allow a deduction of $4,500 relying on s.21(1)(a)? Provide reasons in support of your