2020 (1) In general Section 172(b)(1)(D)(i) of the Internal Revenue Code of 1986 is amended to read as follows: (i) In general In the case of any net operating loss arising in a taxable year beginning after December 31, 2018, and before January 1, 2021, and to which subparagraphs (B) and (C)(i) do not apply, such loss shall be a net operating loss carryback to each taxable year preceding the taxable year of such loss, but not to any taxable year beginning before January 1, 2018. . (2) Conforming amendments (A) The heading for section 172(b)(1)(D) of such Code is amended by striking 2018, 2019, and and inserting 2019 and . (B) Section 172(b)(1)(D) of such Code is amended by striking clause (iii) and by redesignating clauses (iv) and (v) as clauses (iii) and (iv), respectively. (C) Section 172(b)(1)(D)(iii) of such Code, as so redesignated, is amended by striking (i)(I) and inserting (i) . (D) Section 172(b)(1)(D)(iv) of such Code, as so redesignated, is amended— (i) by striking If the 5-year carryback period under clause (i)(I) in subclause (I) and inserting If the carryback period under clause (i) , and (ii) by striking 2018 or in subclause (II). (b) Disallowed for certain taxpayers Section 172(b)(1)(D) of such Code, as amended by the preceding provisions of this Act, is amended by adding at the end the following new clauses: (v) Carryback disallowed for certain taxpayers Clause (i) shall not apply with respect to any loss arising in a taxable year in which— (I) the taxpayer (or any related person) is not allowed a deduction under this chapter for the taxable year by reason of section 162(m) or section 280G, or (II) the taxpayer (or any related person) is a specified corporation for the taxable year. (vi) Specified corporation For purposes of clause (v)— (I) In general The term specified corporation means, with respect to any taxable year, 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