Proof.
Choose a presentation
R^{\oplus m} \xrightarrow {A} R^{\oplus n} \to M \to 0
for some matrix A with coefficients in R.
We first prove the lemma when R is local. Set M' = \{ x \in M \mid fx = 0\} as in the statement. By Lemma 15.8.9 we can choose x_1, \ldots , x_ k \in M which generate M/M'. Then x_1, \ldots , x_ k generate M_ f = (M/M')_ f. Hence, if there is a relation \sum a_ ix_ i = 0 in M, then we see that a_1, \ldots , a_ k map to zero in R_ f since otherwise \text{Fit}_{k - 1}(M) R_ f = \text{Fit}_{k - 1}(M_ f) would be nonzero. Since f is a nonzerodivisor, we conclude a_1 = \ldots = a_ k = 0. Thus M \cong R^{\oplus k} \oplus M'. After a change of basis in our presentation above, we may assume the first n - k basis vectors of R^{\oplus n} map into the summand M' of M and the last k-basis vectors of R^{\oplus n} map to basis elements of the summand R^{\oplus k} of M. Having done so, the last k rows of the matrix A vanish. In this way we see that, replacing M by M', k by 0, n by n - k, and A by the submatrix where we delete the last k rows, we reduce to the case discussed in the next paragraph.
Assume R is local, k = 0, and M annihilated by f. Now the 0th Fitting ideal of M is (f) and is generated by the n \times n minors of the matrix A of size n \times m. (This in particular implies m \geq n.) Since R is local, some n \times n minor of A is uf for a unit u \in R. After renumbering we may assume this minor is the first one. Moreover, we know all other n \times n minors of A are divisible by f. Write A = (A_1 A_2) in block form where A_1 is an n \times n matrix and A_2 is an n \times (m - n) matrix. By Algebra, Lemma 10.15.6 applied to the transpose of A (!) we find there exists an n \times n matrix B such that
BA = B(A_1 A_2) = f \left( \begin{matrix} u 1_{n \times n}
& C
\end{matrix} \right)
for some n \times (m - n) matrix C with coefficients in R. Then we first conclude BA_1 = fu 1_{n \times n}. Thus
BA_2 = fC = u^{-1}fuC = u^{-1}BA_1C
Since the determinant of B is a nonzerodivisor we conclude that A_2 = u^{-1}A_1C. Therefore the image of A is equal to the image of A_1 which is isomorphic to R^{\oplus n} because the determinant of A_1 is a nonzerodivisor. Hence M has projective dimension \leq 1.
We return to the case of a general ring R. By the local case we see that M/M' is a finite locally free module of rank k, see Algebra, Lemma 10.78.2. Hence the extension 0 \to M' \to M \to M/M' \to 0 splits. It follows that M' is a finitely presented module. Choose a short exact sequence 0 \to K \to R^{\oplus a} \to M' \to 0. Then K is a finite R-module, see Algebra, Lemma 10.5.3. By the local case we see that K_\mathfrak p \cong R_\mathfrak p^{\oplus a} for all primes. Hence by Algebra, Lemma 10.78.2 again we see that K is finite locally free of rank a. It follows that M' has projective dimension \leq 1 and the lemma is proved.
\square
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