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 ownership interest in an applicable entity held directly (or indirectly through 1 or more nontradable interests) by an applicable taxpayer which is a tradable or nontradable covered asset shall be treated in the same manner as any other such asset. (b) Additional requirements for applicable taxpayers who are significant owners For purposes of this part— (1) In general In the case of any applicable taxpayer which is a significant owner of an applicable entity— (A) such taxpayer shall meet the reporting requirements under paragraph (2) with respect to such entity, and (B) such taxpayer shall take into account amounts with respect to such entity as required under paragraph (3). (2) Reporting requirements for significant owners (A) Notice to entity of status (i) In general In the case of the first taxable year for which a taxpayer— (I) is an applicable taxpayer, (II) is a significant owner of an applicable entity, and (III) holds directly a nontradable interest in such applicable entity, such taxpayer shall, at such time and in such manner as the Secretary shall prescribe, notify such applicable entity that such taxpayer is a taxpayer meeting the requirements of subclauses (I), (II), and (III) and that the applicable entity is subject to the notice requirements under subsection (c) with respect to such taxpayer. Such taxpayer shall include with such notice such information as the Secretary may prescribe. (ii) Period of notice Any notice provided by a taxpayer under clause (i) shall remain in effect, and such entity 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