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DIRECTOR OF REVENUE v. VERISIGN, INC.

No. 18, 2021.

267 A.3d 371 (2021)

DIRECTOR OF REVENUE, Defendant-Below, Appellant/Cross-Appellee, v. VERISIGN, INC. Plaintiff-Below, Appellee/Cross-Appellant

Supreme Court of Delaware.

Decided: November 29, 2021.

Attorney(s) appearing for the Case

Anthony J. Testa, Jr., Esquire (argued), Matthew M. Warren, Esquire , Michael B. Cooksey, Esquire , DELAWARE DEPARTMENT OF JUSTICE, Wilmington, Delaware; Tiffany R. Moseley, Esquire (argued), Steven S. Rosenthal, Esquire , LOEB & LOEB, Washington, D.C., for Appellant/Cross-Appellee Director of Revenue.

Frank J. Gallo, Esquire (argued), Kyle O. Sollie, Esquire , Sebastian C. Watt, Esquire , Benjamin P. Chapple, Esquire , REED SMITH LLP, Wilmington, Delaware, for Appellee/Cross-Appellant Verisign, Inc.

Before SEITZ, Chief Justice; VALIHURA, VAUGHN, TRAYNOR, and MONTGOMERY-REEVES, Justices, constituting the Court en banc.

Verisign, Inc. claimed large net operating loss deductions on its 2015 and 2016 Delaware income tax returns, which reduced its bill to zero in both years. The Division of Revenue reviewed the returns and found that Verisign's use of net operating losses violated a longstanding, but non-statutory, Division policy. Under the policy...

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