The Secretary shall provide for the recapture of the amount of any deduction allowed under this section (plus interest) with respect to any contribution of an undivided portion of a taxpayer's entire interest in tangible personal property— (i) in any case in which the donor fails to meet the requirements described in paragraph (1)(A)(iii), and (ii) in any case where such property is not in the physical possession of the donee (other than in the case of art which is fragile or unwieldy) and used in a use which is related to a purpose or function constituting the basis for the donee organization's exemption under section 501 during any applicable period for a period of time which bears substantially the same ratio to 5 years as— (I) the percentage of the undivided interest of the donee in the property (determined on the day after such contribution was made), bears to (II) 100 percent. (B) Applicable period For purposes of subparagraph (A), the applicable period means— (i) the 5-year period beginning on the date of the later of the initial fractional contribution, and (ii) each subsequent 5-year period occurring during the 20-year period described in paragraph (1)(A)(iii)(II). . (c) Effective date The amendments made by this section shall apply to contributions and gifts made after the date of the enactment of this Act. (d) Transition rule In the case of any additional contribution (as defined in section 170(o)(4) of the Internal Revenue Code of 1986) with respect to an initial fractional contribution (as defined in such section) made after August 17, 2006, and before the date of the enactment of this Act— (1) except for purposes of determining the fair market value of such contribution under section 170(o)(2) of the Internal Revenue Code of 1986 (as amended by this Act), such contribution shall be treated as an initial fractional contribution (as so defined) subject to the amendments made by this section, and (2) sections 170(o)(3)(A)(i) and 2522(e)(3)(A)(i) of such Code (as in effect before the date of the