means, with respect to any applicable taxpayer for any taxable year, gains or losses which are recognized and taken into account by such taxpayer for such taxable year under section 491 by reason of taxable events described in section 491(b)(1) with respect to tradable covered assets which are capital assets. Such terms shall not include gains and losses from nontradable covered assets which are treated as tradable covered assets (and to which section 491 applies) by reason of an election under section 496(a)(3). (ii) Applicable entities In the case of marked-to-market gains or losses of an applicable entity, this subsection shall be applied at the partner or other ownership level. (B) Other terms Any term used in this subsection which is also used in part IV of subchapter E shall have the same meaning as when used in such part. . (b) Effective date The amendment made by this section shall apply to loss years beginning after December 31, 2023. II Application of other provisions to applicable taxpayers and entities A Individuals 201. Applicable taxpayers not eligible for adjusted gross income limitation on net investment tax (a) In general Section 1411(a) is amended by adding at the end the following new paragraph: (3) No adjusted gross income limit for applicable taxpayers In the case of an applicable taxpayer (as defined in section 495) for any taxable year, notwithstanding paragraph (1) or (2), the tax under this subsection for such taxable year shall be equal to the product of— (A) in the case of an individual, the rate of tax in effect under paragraph (1) multiplied by the amount determined under paragraph (1)(A), and (B) in the case of an estate or trust, the rate of tax in effect under paragraph (2) multiplied by the amount determined under paragraph (2)(A). . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2023. 202. Treatment of covered expatriates (a) Application of expatriate rules to applicable taxpayers Section 877A is amended by