SEC. 2. DEFINITIONS

.01 ‘‘Reseller’’ means a taxpayer that acquires real or personal property described in § 1221(1) for resale.

.02 ‘‘Small reseller’’ means a reseller whose average annual gross receipts for the three immediately preceding taxable years (or fewer, if the taxpayer has not been in existence during the three preceding taxable years) do not exceed $10,000,000.

.03 ‘‘Formerly small reseller’’ means a reseller that no longer qualifies as a small reseller.

.04 ‘‘Producer’’ means a taxpayer that produces real or tangible personal property.

.05 ‘‘Reseller-producer’’ means a taxpayer that is both a producer and a reseller.

.06 ‘‘Permissible UNICAP method’’ means a method of capitalizing costs that is permissible under § 263A.

.07 ‘‘Permissible non-UNICAP inventory capitalization method’’ means a method of capitalizing inventory costs that is permissible under § 471.