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SOVRAN BANK/D.C. NAT. v. DISTRICT OF COL.

No. 97-TX-2001.

731 A.2d 387 (1999)

SOVRAN BANK/D.C. NATIONAL, Appellant, v. DISTRICT OF COLUMBIA, Appellee.

District of Columbia Court of Appeals.

Decided June 24, 1999.

Attorney(s) appearing for the Case

Herman B. Rosenthal, Baltimore, MD, for appellant.

Lutz Alexander Prager, Assistant Deputy Corporation Counsel, with whom John M. Ferren, Corporation Counsel at the time the brief was filed, and Charles L. Reischel, Deputy Corporation Counsel, were on the brief, for appellee.

Before TERRY, SCHWELB, and FARRELL, Associate Judges.

PER CURIAM:

Sovran Bank/D.C. National (Sovran) appeals from an order of the trial court denying Sovran a refund for franchise taxes paid by Sovran for the years 1989 and 1990. Sovran claims that it was entitled to a deduction for certain net operating losses (NOLs) pursuant to D.C.Code § 47-1803.3(a)(14) (1997) (the NOL statute), which provides as follows:

Net Operating Losses. In computing the net income of a corporation, an unincorporated business...

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