Mr. X believes that he is an accredited investor and can make an investment in a firm which will garner him an Angel Tax Credit on his income tax return. Mr. X is not married and last year made $190,000 in salary and will make $205,000 in salary this year. Mr. X also has $1.4 million in cash savings and securities and owns a home valued at $450,000 and subject to a $300,000 mortgage. According to IRS Rule 501 of Regulation D is Mr. X considered an accredited investor for the purposes of the Angel Tax Credit? Please explain the reasoning as to why you answered yes or no.