Jim opened his consulting firm 40 years ago at age 26. After working as a...
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Jim opened his consulting firm 40 years ago at age 26. After working as a sole proprietor for all his career, this year he sold his firm to a professional corporation and retired. Jim will recieve five annual payments of $50,000 each from the sale of the business.
Is Jim eligable for Social Security retirement benefits this year, and why or why not?
Select One:
A) Yes, because he has operated his firm as a sole proprietorship and not as a professional corporation
B) No, because architecture is a profession and therefore is not covered by Social Security retirement program
C) Yes, becuase he is a fully-insured professional and meets the age requirement to recieve retirement payments
D) No, becasue he sold his firm to a professional corporation and will get too much income from the sale to recieve Social Security payments
E) No, because consulting businesses are not covered by the Social Security retirement program
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