zone property as a reference to qualified community economic assistance zone property, and (D) by substituting 20 percent of such limitation for $35,000 in subsection (a)(1)(A) thereof. (2) Community economic assistance zone business For purposes of this subsection, the term community economic assistance zone business means— (A) any business entity, and (B) any proprietorship, other than an excepted taxpayer described in subsection (g), which would be a qualified business entity (as defined in section 1397C(b)) or a qualified proprietorship (as defined in section 1397C(c)) if section 1397C were applied by substituting community economic assistance zone for empowerment zone each place it appears. (c) Nonrecognition of gain on rollover of community economic assistance zone investments (1) In general In the case of any sale of a qualified community economic assistance zone asset held by the taxpayer for more than 1 year and with respect to which such taxpayer elects the application of this subsection, gain from such sale shall be recognized only to the extent that the amount realized on such sale exceeds— (A) the cost of any qualified community economic assistance zone asset (with respect to the same zone as the asset sold) purchased by the taxpayer during the 60-day period beginning on the date of such sale, reduced by (B) any portion of such cost previously taken into account under this subsection. (2) Definitions and special rules For purposes of this subsection— (A) Qualified community economic assistance zone asset The term qualified community economic assistance zone asset means any property which would be a qualified community asset (as defined in section 1400F(b)) if in section 1400F(b)— (i) after December 31, 2016 were substituted for after December 31, 2001, and before January 1, 2010 each place it appears, (ii) after December 31, 2016 were substituted for before January 1, 2010 in paragraph (4)(B)(i) thereof, (iii) references to community economic assistance zone businesses (as defined in subsection