start-up expenditures means— (A) any start-up expenditures (as defined in section 195(c)), and (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. (4) Small business (A) In general The term small business means, with respect to any taxable year, any person engaged in a trade or business in the United States if— (i) the gross receipts of such person for the preceding taxable year did not exceed $5,000,000, or (ii) in the case of a person to which clause (i) does not apply, such person employed not more than 50 full-time employees during the preceding taxable year. (B) Full-time employee For purposes of subparagraph (A)(ii), 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. (5) 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) ), as in effect on the date of enactment of this section), (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). (6) 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)(ii) of the Small Business Act ( 15 U.S.C. 636(a)(31)(G)(ii) , as in effect on the date of enactment of this section). (c) Special rules For purposes of this section— (1) Election to take credit No credit shall be allowed under subsection (a) for any expenditures unless the taxpayer elects to have this section apply to