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Yahoo Climbs After Company Says Alibaba Spinoff Is on Track

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Yahoo! Inc. shares climbed after the company said it was on track to spin off its stake of about $22 billion in Alibaba Group Holding Ltd. this year.

Yahoo’s board authorized the spinoff, even though the U.S. Internal Revenue Service declined to grant the company an advance ruling blessing the deal, Yahoo said in a filing Monday. While the agency is stepping up scrutiny of such transactions, the company is going forward with the plan, which was announced in January, after the IRS indicated a decision isn’t likely to be retroactive.