The process that a business uses to safeguard assets, provide accurate and reliable information, and promote and improve operational efficiency is known as

Self-employed individuals receive a for AGI deduction for 50% of entertainment expenses paid or incurred in the trade or business.

a. true b. false

Larry is age 50, has been paying premiums on his whole life policy for more than 15 years, and now has a need to use about 1/3 of his available cash value for a short period of time. He does not want to give up his insurance, and can afford to continue paying premiums. What advice would you give Larry?

A. Look for other available funds. Policy cash value is unavailable for loans before 59½ due to IRS tax penalties. B. Tell Larry he should have purchased term insurance because whole life has no cash value. C. The only way to access the cash value is through a surrender of the policy. He can have up to 90% of the cash value to purchase other insurance. D. Tell Larry to take the policy loan, continue paying premiums to prevent a lapse, and also recommend that he repay the principal and interest on the loan.