51 percent of the profits interests or capital interests in such partnership or joint venture. (3) Small business The term small business means, with respect to any taxable year, any person engaged in a trade or business in the United States if— (A) the gross receipts of such person for the preceding taxable year did not exceed $5,000,000, or (B) in the case of a person to which subparagraph (A) does not apply, such person employed not more than 100 full-time employees during the preceding taxable year. For purposes of subparagraph (B), an employee shall be considered full-time if such employee is employed at least 30 hours per week for 20 or more calendar weeks in the taxable year. (4) Underserved community The term underserved community means any area located within— (A) a HUBZone (as defined in section 3(p) of the Small Business Act ( 15 U.S.C. 632(p) )), (B) an empowerment zone, or enterprise community, designated under section 1391 (and without regard to whether or not such designation remains in effect), (C) an area of low income or moderate income (as recognized by the Federal Financial Institutions Examination Council), or (D) a county with persistent poverty (as classified by the Economic Research Service of the Department of Agriculture). (5) Veteran or spouse of veteran The term veteran or spouse of a veteran has the meaning given such term by section 7(a)(31)(G)(iii) of the Small Business Act ( 15 U.S.C. 636(a)(31)(G)(iii) ). (c) Qualified start-Up expenditures For purposes of this section— (1) In general The term qualified start-up expenditures means— (A) any start-up expenditures (as defined in section 195(c)), or (B) any amounts paid or incurred during the taxable year for the purchase or lease of real property, or the purchase of personal property, placed in service during the taxable year and used in the active conduct of a trade or business. (d) Special rules For purposes of this section— (1) Year of election The taxpayer may elect the application of this section only for the first 2 taxable