X Ltd. is a Canadian-controlled private corporation carrying on business in Canada. The net fair market value of X Ltd. is estimated to be $80,000, calculated as follows:
Cash…………………………………………. $ 1,000
Marketable securities……………………………… 16,000
Accounts receivable…………………………… 11,000
Furniture and equipment………………………… 32,000
Goodwill…………………………………………. 40,000
…………………………………………. 100,000
Bank loan…………………………………………. (20,000)
…………………………………………. $ 80,000

The shares of X Ltd. have been owned by Alexander for the last two years and throughout that time, the relative values of the assets and liabilities have remained constant. Determine if X Ltd. is a qualified small business corporation. Income tax reference: ITA 110.6(1).