All of the following are true regarding a net operating loss $($NOL$)$ except:OA$.$ Most taxpayers no longer have the option to carryback a net operating loss $($NOL$)$ B$.$ The CARES Act provided for a special $5-$year carryback for taxable years beginning in $2024$Oc$.$ For losses arising in taxable years beginning after December $31,2020,$ the net operating loss deduction is limited to $80\%$ of the excess $($if any$)$ of taxable incomeOD. The $2-$year carryback rule in effect before $2018,$ generally, does not apply to NOLs arising in tax years ending after December $31,2017$