covered assets held by such entity, such taxpayer's share of— (i) gain or loss determined by the entity under rules similar to the rules under section 491, and (ii) proper adjustments shall be made in the amount of gain or loss subsequently realized for gain or loss taken into account under clause (i), (B) in the case of nontradable covered assets held by such entity— (i) such person's share of any gain or loss on any applicable transfer during such taxable year of any such asset, and (ii) the holding period in each such asset, and (C) such other information as the Secretary determines necessary to carry out this part. (2) Notice of taxpayers holding indirect interests in other applicable entities (A) In general Under rules prescribed by the Secretary, except as provided in subparagraph (B), if an applicable entity in a tier of entities— (i) receives a notice under subsection (b)(2)(A) with respect to an applicable taxpayer, such entity shall notify each other applicable entity in which such applicable taxpayer holds, by reason of holding a nontradable interest in such entity, a nontradable interest in such other entity that the person holding such interest in such other entity is an applicable taxpayer with respect to which the notice requirements of paragraph (1) apply to such other entity, or (ii) receives a notice under clause (i) or this clause, such entity shall notify each other applicable entity in which the applicable taxpayer holds, by reason of holding an interest in the entity receiving such notice, a nontradable interest in such other entity that the person holding such interest in such other entity is an applicable taxpayer with respect to which the notice requirements of paragraph (1) apply to such other entity. Any such notice shall remain in effect, and any entity receiving such notice shall treat such taxpayer as an applicable taxpayer, for the period specified by the Secretary. The Secretary may require additional reporting by such entities for purposes of carrying out this clause. (B)