Yahoo to spin off Alibaba stake despite no U.S. tax ruling


(Reuters) – Yahoo Inc said on Monday it would proceed with the planned spinoff of its stake in Alibaba Group Holding Ltd even though the IRS has declined to rule on whether the transaction would be tax free. Yahoo's shares rose 4 percent to $28.71 in extended trading. The Web search company said earlier this month the IRS had denied its request for a private letter ruling on whether the spinoff of its stake in the Chinese e-commerce giant would be considered tax free.

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