shall continue to be subject to the reporting requirements under subsection (c) with respect to such taxpayer, for the period specified by the Secretary. The Secretary may require additional reporting by the taxpayer for purposes of carrying out this clause. (B) Reporting of elections to treat nontradable interests as tradable assets If— (i) section 496(a)(1) applies to an applicable taxpayer for any taxable year for which a notice with respect to such taxpayer is in effect under subparagraph (A), and (ii) the applicable taxpayer made the election under section 496(a)(3) to treat any nontradable interest in an applicable entity as a tradable covered asset for purposes of section 496(a)(1), the applicable taxpayer shall, at such times and in such manner as the Secretary shall prescribe, report to such applicable entity notice of such election, the amount of gain described in section 496(c)(1) with respect to such treatment, and the requirement for the entity to make the basis adjustments described in section 496(c)(2). (3) Certain gain or loss of applicable entity taken into account by significant owners (A) In general Each applicable taxpayer for which a notice with respect to such taxpayer is in effect under paragraph (2)(A) or subsection (c)(2) with respect to an applicable entity for any taxable year of the taxpayer shall, in computing the taxpayer's tax liability under this chapter for such taxable year, take into account such taxpayer's share of any gain or loss reported under subsection (c)(1)(A)(i) or (c)(1)(B)(i) to the taxpayer for any taxable year of such entity ending with or within such taxable year of the taxpayer. (B) Basis adjustments Under rules prescribed by the Secretary, if gain or loss is taken into account by an applicable taxpayer under subparagraph (A) with respect to any tradable covered asset by reason of the taxpayer holding a nontradable interest in an applicable entity— (i) the applicable entity's adjusted basis of such asset (solely for purposes of computing the taxpayer's share of