Following a pro-taxpayer Texas Supreme Court ruling in Hallmark Mktg. Co. v. Hegar, the Comptroller has issued a memorandum amending his policy regarding the treatment of net losses for purposes of franchise tax apportionment. Before, the Comptroller required businesses to include a net gain or net loss from the sale of investments or capital assets in the apportionment calculation. Now, after the Texas Supreme Court’s rejection of that position, only net gains from the sale of an investment or capital asset should be included in the calculation.