Deals
Yahoo Sticks to Spinoff Plan as IRS Triggers Share Slump
Yahoo’s Alibaba Spinoff “On Track”
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Yahoo! Inc. is pushing ahead with plans to spin off its stake in Alibaba Group Holding Ltd. after comments by the IRS triggered a share slump amid concerns the deal could hit a snag.
Potential IRS changes to the tax-free treatment of spinoffs shouldn’t affect previously filed requests, the Web portal said in an e-mailed statement. Yahoo has already lodged its plan and is still working toward undertaking the transaction in the fourth quarter, it said.