MASSMAN CONST. CO. v. DIRECTOR OF REVENUE

No. 70636.

765 S.W.2d 592 (1989)

MASSMAN CONSTRUCTION COMPANY, Appellant. v. DIRECTOR OF REVENUE, STATE OF MISSOURI, Respondent.

Supreme Court of Missouri, En Banc.

Rehearing Denied March 14, 1989.


Attorney(s) appearing for the Case

Arnold R. Day, Sylvan Siegler, Kansas City, for appellant.

William L. Webster, Atty. Gen., Richard L. Wieler, Asst. Atty. Gen., Jefferson City, for respondent.

J. Michael Dryton, Glenn A. Jewell, Kansas City, for amicus curiae, Federated Securities Corp.


BLACKMAR, Judge.

The appellant taxpayer, Massman Construction Company, is so fortunate as to regularly have large balances in its checking accounts for which it has no immediate need. It understandably wants to obtain the best available return on these sums, even though its needs may preclude durable commitments. During the year 1981 it entered into arrangements with two of its depository banks, Commerce Bank of Kansas City N.A. and Security National Bank of Kansas...

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