Which of the following statements is true of the Treaty Clause?
A) It provides that the president can make treaties of his own accord, autonomously.
B) It provides that the president can enter into treaties with the approval of the two-thirds of the senate.
C) It provides that the states have exclusive power to regulate internal and foreign affairs.
D) It provides that the federal government has supremacy over the state in matters of international trade.
B
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Do we have a global stock market as we have a global foreign exchange market?
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Hu makes a gift of his home to a local homeless shelter (a 501(c)(3) charity). Hu will retain his home for 10 years, after which the homeless shelter will take possession. The value of Hu's 10-year interest is $30,000 and the remainder interest is valued at $120,000. Which of the following statements is correct?
A) Hu is allowed a charitable deduction on his gift tax return for $150,000 in the current year. B) Hu is allowed an exclusion of $15,000 on his gift of $120,000 to the charity. C) Hu is not allowed to deduct the contribution until the charity takes possession in 10 years. D) Hu has a charitable contribution deduction of $120,000 on his current gift tax return.