“In the filing with the Securities and Exchange Commission, the Internet company warned shareholders that it might cancel the spinoff if federal tax authorities failed to provide written assurance in advance that the transaction will be tax-free to shareholders. Yahoo’s 384 million shares of Alibaba are currently worth about $32 billion. The spinoff, announced in January, is intended to transfer the value of that stock to Yahoo’s shareholders without incurring the capital gains tax of more than $10 billion that would be due if Yahoo simply sold the stock and returned the cash to its shareholders. The company’s stock has fallen as Wall Street worried that the deal might not pass muster with the I.R.S.“
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