Andrew recently graduates with an MBA from a CU Denver and will be going to work as an employee of Merrill Lynch. Andrew is not sure whether or not the money he spends entertaining and dining with clients and prospective clients is deductible. Andrew estimates that he will spend approximately $5,000 per year on such activities. He will not be reimbursed from his company for these expenses, so he wants to know if he can at least get some type of tax benefit for these costs. Advise Andrew of the general rules in this area of the tax law. Include a brief discussion of substantiation requirements for such business expenses.