Rev. Rul. 54-56

Under the provisions of section 23(o) of the Internal Revenue Code, in computing the net income for a year to which a net operating loss deduction is applicable, the deduction for charitable contributions must be computed on the basis of the revised adjusted gross income after allowance of the net operating loss carryback. (See Rev. Ruls. 287 and 280, C.B. 1953-2, pp. 21 and 22, respectively.)