Section 125-806-01 - DefinitionsA.Code. "Code" means the United States Internal Revenue Code of 1986 and amendments to that Code as of the date stated in 36 M.R.S. §111(1-A).B.Intangible property. "Intangible property" means a right or possession of a nonphysical or abstract nature that has value, or a financial asset that has no intrinsic value but that represents value. Intangible property includes but is not limited to copyrights, patents, licenses, bills of exchange, trademarks, business books and records, business goodwill, covenants not to compete, securities, bonds, notes, insurance policies, and accounts receivable.C.Pass-through entity. "Pass-through entity" means a corporation that for the applicable tax year is treated as an S corporation under the Code, or a general partnership, limited partnership, limited liability partnership, limited liability company, trust or similar entity that for the applicable tax year is not taxed at the entity level for federal income tax purposes. "Pass-through entity" does not, for Maine income tax purposes, include a financial institution subject to tax under 36 M.R.S., Chapter 819.D.Research and development. "Research and development" means activities performed in the experimental or laboratory sense if they are intended to discover information that would eliminate uncertainty concerning the development or improvement of a product, formula, invention, process, technique, or patent, but excludes quality control testing and inspection, advertising or promotions, efficiency or consumer surveys, management studies, research in connection with literary, historical or similar projects, or the acquisition of another's patent, model, production, or process.E.Tangible personal property. "Tangible personal property" means personal property that has physical existence. It can be seen, weighed, measured, felt, touched or in any other manner perceived by the senses, but does not include anything that constitutes intangible property as defined in subsection A above.F.Temporary business presence. "Temporary business presence" means a presence in the State on other than a systematic or regular basis, either directly or through agents or employees for purposes of conducting business.18-125 C.M.R. ch. 806, § 01