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FIDELITY BANK v. DEPARTMENT OF REVENUE

Nos. 392A16 and 393PA16.

803 S.E.2d 142 (2017)

The FIDELITY BANK, Petitioner, v. NORTH CAROLINA DEPARTMENT OF REVENUE, Respondent.

Supreme Court of North Carolina.

Filed August 18, 2017.

Attorney(s) appearing for the Case

Ward and Smith, P.A., by Alexander C. Dale , Wilmington, Donalt J. Eglinton and Amy P. Wang , New Bern, for petitioner-appellant.

Joshua H. Stein , Attorney General, by Matthew W. Sawchak , Solicitor General, and Perry J. Pelaez , Assistant Attorney General, for respondent-appellee North Carolina Department of Revenue.

The principal issue before this Court in these consolidated appeals is whether the North Carolina Business Court correctly interpreted N.C.G.S. § 105-130.5(b)(1) so as to preclude The Fidelity Bank from deducting "Market Discount Income" relating to discounted United States obligations for North Carolina corporate income taxation...

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