in a real estate investment trust which is a nontradable covered asset, any capital gain dividend received by such taxpayer from such entity shall be treated as gain from an applicable transfer of a nontradable covered asset occurring on the date such dividend is received. (B) Reporting A real estate investment trust shall include in the written notice for a capital gain dividend under section 857(b)(3)(B) its holding period in the asset giving rise to the capital gain dividend. The Secretary shall provide rules for the determination of holding periods in cases where the dividend is properly allocable to gain from more than 1 asset. (3) Holding period Except as prescribed by the Secretary, if an applicable taxpayer is treated under this subsection as receiving gain from an applicable transfer of a nontradable covered asset, the taxpayer's holding period for purposes of computing the deferral recapture amount under this section shall be the taxpayer's holding period with respect to the stock or ownership interest in the entity to which paragraph (1) or (2) applies (or, if shorter, the holding period included in the notice described in paragraph (2)(B) in the case of a capital gain dividend). (e) Holding period For purposes of this section— (1) In general The taxpayer's holding period shall be determined under section 1223, except that if a tradable covered asset of an applicable taxpayer is converted to, or exchanged for, a nontradable covered asset, such period shall only include the period after the most recent taxable event under this part with respect to such tradable covered asset. (2) Secretarial authority The Secretary shall prescribe such regulations, rules, or guidance providing for other modifications to holding periods as may be necessary to carry out the purposes of this section. 493. Special rules for application of nondeferral rules to certain pass-through entities (a) Treatment of ownership interests in applicable entities For purposes of applying this part, except as provided in this section, any