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NY YANKEES v. O'CLEIREACAIN

83 N.Y.2d 550 (1994)

634 N.E.2d 177

611 N.Y.S.2d 805

In the Matter of New York Yankees Partnership, Respondent, v. Carol O'Cleireacain, as Commissioner of Finance of the City of New York, Appellant.

Court of Appeals of the State of New York.

Decided May 5, 1994.

Attorney(s) appearing for the Case

Paul A. Crotty, Corporation Counsel of New York City (George P. Lynch, Edith I. Spivack, Edward F. X. Hart and Frances J. Henn of counsel), for appellant.

Shea & Gould, New York City (Adam B. Gilbert and Fran M. Jacobs of counsel), for respondent.

Judges SIMONS, TITONE, BELLACOSA and CIPARICK concur; Chief Judge KAYE and Judge LEVINE taking no part.

SMITH, J.

The issue in this case is whether payments made in liquidation of partnership interests and representing the outgoing partners' share in the amortization of player contracts are payments "for services or for use of capital" within the meaning of section 11-507 of the Administrative Code of the City of New York and, thus, not deductible from the partnership's unincorporated business gross income.

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