Missouri Court of Appeals, Western District / Date unavailable
Ventas, Inc. vs. City of Kansas City, Missouri, Finance Department, Revenue Division
Ventas, Inc., a real estate investment trust (REIT), appealed the circuit court's grant of summary judgment to the City of Kansas City, Missouri, regarding earnings and profits tax assessments. Ventas contended its rental income was not subject to the City's earnings tax and that its federally required dividend paid deductions were deductible expenses. The appellate court affirmed that Ventas's rental income is a business activity subject to the earnings tax and that its dividend deductions are not deductible expenses. However, the court reversed the summary judgment on assessed penalties, finding material facts in dispute regarding reasonable cause for waiver, and remanded for further proceedings on that issue.