Under RA 7641, which is a correct requirement in order that a retirement benefit shall be excluded from gross income? a. The employee is more than 50 years of age at the time of retirement. b. The employee has rendered at least 15 years in service c. The employer has not maintained a reasonable private benefit plan d. The retirement benefit is to be availed for the first time.
Under RA 7641, which is a correct requirement in order that a retirement benefit shall be excluded from gross income? a. The employee is more than 50 years of age at the time of retirement. b. The employee has rendered at least 15 years in service c. The employer has not maintained a reasonable private benefit plan d. The retirement benefit is to be availed for the first time.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Under RA 7641, which is a correct requirement in order that a retirement benefit shall be excluded from gross income?
a. The employee is more than 50 years of age at the time of retirement.
b. The employee has rendered at least 15 years in service
c. The employer has not maintained a reasonable private benefit plan
d. The retirement benefit is to be availed for the first time.
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