of which during any taxable year ending after December 31, 2017, exceed the sum of applicable stock issued of 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 any taxable year 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 clause (i), stock described in section 1504(a)(4), and distributions (including redemptions) with respect to such stock, shall be disregarded. (C) Related person 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). (5) Special rule for life insurance companies In the case of a net operating loss of a life insurance company which arises in a taxable year beginning after December 31, 2017, and before January 1, 2021, and which is a net operating loss carryback to a taxable year beginning before January 1, 2018, such net operating loss shall be treated as an operations loss deduction under subchapter L (as in effect before the enactment of Public Law 115–97 ) with respect to such taxable year in the same manner as a loss arising in a taxable year beginning before January 1, 2018. . (b) Coordination with taxable year for which deferred foreign income treated as subpart F income Section 965(n) of such Code is amended by adding at the end the following new paragraph: (4) Deemed election in case of certain net operating loss carrybacks In the case of a net operating loss carryback to such taxable year by reason of section 172(g)(1), the taxpayer shall be treated as having elected the application of this subsection for such taxable year. . (c) Conforming amendment Section 172(b)(1) of such Code is amended by inserting and subsection (g) after this