is amended by adding at the end the following new subparagraph: (C) Clarification that certain items on applicable financial statement be separately reported with respect to corporation An amount described in paragraph (1)(B) or clause (i)(II), (i)(III), (iv)(I), (iv)(II), (v)(I), or (v)(II) of paragraph (3)(C) shall be treated as reported on an applicable financial statement for purposes of this section if— (i) such amount is separately reported on such statement with respect to the corporation referred to in paragraph (1), or (ii) such amount is separately determined for purposes of calculating an amount which is reported on such statement. (D) Authority of Secretary to require reporting (i) In general Each United States person who owns an interest in a specified non-publicly traded foreign corporation and who takes the position that such corporation is not a passive foreign investment company shall report to the Secretary such information with respect to such corporation as the Secretary may require. (ii) Specified non-publicly traded foreign corporation For purposes of this subparagraph, the term specified non-publicly traded foreign corporation means any foreign corporation— (I) which would be a passive foreign investment company if subsection (b)(2)(B) did not apply, and (II) no interest in which is traded on an established securities market. . (c) Effective date (1) In general Except as otherwise provided in this subsection, the amendments made by this section shall take effect as if included in section 14501 of Public Law 115–97 . (2) Reporting The amendment made by subsection (b) shall apply to reports made after the date of the enactment of this Act.