Yahoo has withdrawn a request to the Internal Revenue Service of the US to spin off around US$23 billion worth of shares in Alibaba Group Holding (BABA.NYSE) after receiving word that the agency wouldn’t approve it, The Wall Street Journal reported, citing a filing from the company. But Yahoo also said the IRS indicated it hasn’t concluded the planned spinoff should be taxable, and therefore wasn’t ruling against it. In the filing, Yahoo General Counsel Ron Bell said Yahoo’s board “will continue to carefully consider the company’s options, including proceeding with the spinoff transaction.”
Categories