All the items below are excluded from gross income, except: (2012 Bar Question)

The question

All the items below are excluded from gross income, except: (2012 Bar Question)

1. A.Gain from sale of long-term bonds, debentures and indebtedness;
2. B.Value of property received by a person as donation or inheritance;
3. C.Retirement benefits received from the GSIS, SSS, or accredited retirement plan;
4. D.Separation pay received by a retiring employee under a voluntary retirement program of the corporate employer.

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