New York Yankees Partnership v. O'Cleireacain

Appellate Division of the Supreme Court of New York

New York Yankees Partnership v. O'Cleireacain

194 A.D.2d 314, 598 N.Y.S.2d 241

CourtAppellate Division of the Supreme Court of the State of New York

DecidedJune 3, 1993

StatusPublished

This text of 194 A.D.2d 314 (New York Yankees Partnership v. O'Cleireacain) is published on Counsel Stack Legal Research, covering Appellate Division of the Supreme Court of the State of New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

New York Yankees Partnership v. O'Cleireacain, 194 A.D.2d 314, 598 N.Y.S.2d 241 (N.Y. Ct. App. 1993).

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Opinion

—Order and judgment (one paper), Supreme Court, New York County (Alice Schlesinger, J.), entered March 27, 1992, which annulled respondent’s determination of a deficiency of unincorporated business tax and remanded the matter to respondent to recalculate, unanimously affirmed, without costs.

Administrative Code of the City of New York § 11-507 (3) authorizes unincorporated businesses to deduct any deductions which are allowed for Federal income tax purposes except those “amounts paid or incurred to a proprietor or partner for services or for use of capital.” The statute is unambiguous and must be interpreted pursuant to the plain meaning of its words. As the deductions at issue here, namely, unrealized receivables which represented the retiring partners’ shares of amortization of baseball player contracts which had been deducted in the past, were clearly not for services or use of capital, they were appropriately deducted by petitioner from its unincorporated business gross income.

We have considered all of respondent’s claims and find them to be of no merit. Concur—Murphy, P. J., Sullivan, Milonas, Kupferman and Kassal, JJ.

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—Order and judgment (one paper), Supreme Court, New York County (Alice Schlesinger, J.), entered March 27, 1992, which annulled respondent’s determination of a deficiency of unincorporated business tax and remanded the matter to respondent to recalculate, unanimously affirmed, without costs.

Administrative Code of the City of New York § 11-507 (3) authorizes unincorporated businesses to deduct any deductions which are allowed for Federal income tax purposes except those “amounts paid or incurred to a proprietor or partner for services or for use of capital.” The statute is unambiguous and must be interpreted pursuant to the plain meaning of its words. As the deductions at issue here, namely, unrealized receivables which represented the retiring partners’ shares of amortization of baseball player contracts which had been deducted in the past, were clearly not for services or use of capital, they were appropriately deducted by petitioner from its unincorporated business gross income.

We have considered all of respondent’s claims and find them to be of no merit. Concur—Murphy, P. J., Sullivan, Milonas, Kupferman and Kassal, JJ.

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Bluebook (online)

194 A.D.2d 314, 598 N.Y.S.2d 241, Counsel Stack Legal Research, https://law.counselstack.com/opinion/new-york-yankees-partnership-v-ocleireacain-nyappdiv-1993.