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Determine if x ltd is a qualified small business corporation

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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 Schneider for the last two years. Throughout that time, the relative values of the assets and liabilities have remained constant.

Problem 1: Determine if X Ltd. is a qualified small business corporation.

Reference no: EM132959878

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