Depreciation provides a sort of shield agaisnt taxes. If there were no taxes, there would be no depreciation tax shields. Does this mean that a projects NPV would be less if there were no taxes?

Multiple choices are:

yes, because the tax credits add value
		no, without taxes the depreciation does not create a cash flow
		no, the firm pays more in taxes on other things than it saves from depreciation
		no, in fact the NPV will be more, not less
		A and B
		A and C
		A and D
		B and C
		B and D
		C and D
		all but A
		all but B
		all but C
		all but D
		all are true