Taxation, 2012 Bar — Question 18

MULTIPLE CHOICE

All the items below are excluded from gross income, except: a) Gain from sale of long-term bonds, debentures and indebtedness; b) Value of property received by a person as donation or inheritance; c) Retirement benefits received from the GSIS, SSS, or accredited retirement plan; d) Separation pay received by a retiring employee under a voluntary retirement program of the corporate employer.

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