a corporation the aggregate distributions (including redemptions) of which during all taxable years ending after December 31, 2017, exceed the sum of applicable stock issued by such corporation and 5 percent of the fair market value of the stock of such corporation as of the last day of the taxable year. (II) Applicable stock issued The term applicable stock issued means, with respect to any corporation, the aggregate value of stock issued by the corporation during all taxable years ending after December 31, 2017, in exchange for money or property other than stock in such corporation. (III) Certain preferred stock disregarded For purposes of subclause (I), stock described in section 1504(a)(4), and distributions (including redemptions) with respect to such stock, shall be disregarded. (ix) Related person For purposes of clause (vii), a person is a related person to a taxpayer if the related person bears a relationship to the taxpayer specified in section 267(b) or section 707(b)(1). . (d) Advance carryback of estimated net operating losses arising in 2020 (1) In general In the case of any taxpayer expecting a net operating loss for the first taxable year beginning after August 31, 2019, such taxpayer may file an application with the Secretary of the Treasury for an advance carryback adjustment of the tax for a prior taxable year that would be affected, by reason of the amendments made by this section, by so much of such expected net operating loss as does not exceed $100,000. (2) Application The application filed under paragraph (1) shall set forth in such detail and with such supporting data and explanation as the Secretary may require an estimate of the taxpayer’s net operating loss that will arise in such taxable year. (3) Due date for application An application under this subsection may not be filed later than the due date (including extensions of time) of the return for the first taxable year beginning after August 31, 2019. (4) Allowance of adjustments Not later than 30 days after the date on which an