Yahoo to spin off Alibaba stake despite IRS ruling

Posted online September 29, 2015 | 11:27 am

Yahoo announced yesterday it plans to go ahead with a spinoff of its Alibaba stake, no matter what the IRS says.

Earlier this month, the agency denied Yahoo's request to carry out the transaction tax-free. However, the company's board voted to move ahead anyway.

Yahoo owns about 384 million shares of Alibaba, which are valued at $23 billion.

Read more from CNNMoney.

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