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Yahoo's plunge, Alibaba's rise due to potential IRS spinoff rule changes

May 19, 2015 4:28 PM ETAltaba, Inc. (AABA)AABA, BABABy: Eric Jhonsa, SA News Editor105 Comments
  • Bloomberg reports the IRS is considering rule changes about "spinoffs of trades or businesses that are small compared with a company’s other assets." An IRS official states the agency will hold in abeyance new spinoff ruling requests while the issue is studied. Existing requests will continue to be reviewed, but that's subject to change.
  • The report has sparked fears the IRS won't sign off on Yahoo's (YHOO) plans to do a tax-free spinoff of its 384M-share Alibaba (NYSE:BABA) stake later this year.
  • Yahoo closed down 7.6%. Alibaba rose 1.3% on hopes 384M more shares won't become available for sale.
  • Earlier: Yahoo takes late-day tumble

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