of Real Estate of the Real Estate Assessment Center of the Department of Housing and Urban Development. (4) Increased duration for disallowance in the case of multiple failed inspections In the case of a property which fails two consecutive NSPIRE inspections, paragraph (1) shall be applied by substituting for the taxable year, and for the immediately succeeding taxable year, for for the taxable year . (5) Disallowed depreciation amounts may not be taken in future year The depreciation deduction allowed with respect to the property described in paragraph (1) with respect to any future taxable year shall be determined without regard to the amount denied for any year for which such deduction was denied. (6) Basis adjustments If, but for this subsection, a depreciation or amortization deduction would be allowable to the taxpayer with respect to any property— (A) the taxpayer’s basis in such property shall be reduced by any depreciation or amortization deductions disallowed under this subsection, and (B) the basis of the remainder interest in such property shall be increased by the amount of such disallowed deductions. (7) Regulations and guidance (A) In general The Secretary, after consultation with the Secretary of Housing and Urban Development, shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this subsection. (B) HUD Secretary Not later than one year after the date of the enactment of this subsection, the Secretary of Housing and Urban Development shall prescribe regulations to establish a mechanism for providing information to the Secretary detailing which properties have failed an NSPIRE inspection during the taxable year and which properties have received extensions of time to cure. In creating this mechanism, the Secretary of Housing and Urban Development shall ensure that the Secretary of the Treasury receives information about failing properties at least once per calendar quarter. . (b) Effective date The amendment made by this section shall apply to taxable