Department of Revenue v. Security Pacific Bank of Washington National Ass'n

— The Washington State Department of Revenue (Department) appeals from a Board of Tax Appeals (Board) order, which refunded to Security Pacific Bank of *798Washington National Association (Security) some of the taxes that it paid between 1982 and 1992. The taxes were for the interest that Security earned on the advances that it made to mortgage companies. Mortgage companies used the advances to fund loans to third-party borrowers, which were primarily secured by first lien deeds of trust on nontransient residential properties. We affirm, holding that Security was entitled to a deduction under RCW…