A federal appeals court in Cincinnati ruled...

A federal appeals court in Cincinnati ruled that a New York Yankee partner cannot deduct radio and television contracts from his federal income tax, but conceded that the team’s owners are entitled to a deduction of $31,000 in professional fees.

The court partially upheld an earlier district court ruling against Daniel R. McCarthy in a 1973 lawsuit he filed. The district court had ruled that broadcast contracts are part of a team’s assets and cannot be amortized and deducted.

The appeals court also reversed a lower court decision and ruled that the team’s owners are entitled to amortize $31,000 in professional fees incurred in obtaining a $6 million loan.