material or supply, or (B) in a manner which conforms to the taxpayer's method for accounting for such property in— (i) an applicable financial statement (as defined in section 451(b)(1)), or (ii) in the case of a taxpayer that does not have an applicable financial statement, their books and records used for purposes of determining tax imposed by this title. (3) Qualified taxpayer For purposes of this subsection, the term qualified taxpayer means, with respect to any taxable year, a taxpayer who meets the gross receipts test of section 448(c) for the taxable year (or, in the case of a sole proprietorship, who would meet such test if such proprietorship were a corporation). Such term shall not include a tax shelter prohibited from using the cash receipts and disbursements method of accounting under section 448(a)(3). (4) Coordination with section 481 If a taxpayer changes its method of accounting because the taxpayer is not required to use inventories by reason of paragraph (1) or is required to use inventories because such paragraph no longer applies to the taxpayer— (A) such change shall be treated as initiated by the taxpayer, and (B) such change shall be treated as made with the consent of the Secretary. . (2) Conforming amendment Subsection (c) of section 263A is amended by adding at the end the following new paragraph: (8) Exclusion from inventory rules Nothing in this section shall require the use of inventories for any taxable year by a qualified taxpayer (within the meaning of section 471(c)(3)) who is not required to use inventories under section 471 for such taxable year. . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017. 13104. Modification of rules for uniform capitalization of certain expenses (a) In general Section 263A(b) is amended by striking all that follows paragraph (1) and inserting the following new paragraphs: (2) Property acquired for resale Real or personal property described in section 1221(a)(1) which is acquired by