Which one of the following statements is not true regarding excluded income?

Select one:

a.In relation to excluded income, losses and expenditures are generally deductible

b.Excluded income will generally not create tax liability in the hands of the relevant taxpayer, but it may result in a tax liability for another taxpayer

c.Excluded income includes non-residents' foreign-sourced income

d.Excluded income falls outside the definition of assessable income