Tax Planning is crucial in the setup and funding of new firm. Presuming an entrepreneur gets good counsel and establishes a pas-through entity for tax purposes, how much will the total taxes be on such a firm that has $1,500,000.00 in corporate profits at a 35% individual tax rate?

Mr. X believes that he is an accredited investor and can make an investment in affirm 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.