SAN FRANCISCO: Yahoo notified US regulators that it is proceeding with plans to spin off its multi-billion-dollar stake in Alibaba despite the unanswered question of what the tax bill could be.

Yahoo’s board has authorised the company to pursue the transaction “as previously disclosed, except that the completion of the spin-off will not be conditioned upon receipt of a favourable ruling from the IRS,” the company said in a filing with the Securities and Exchange Commission.

Early in Sept, the Internal Revenue Service refused to pro­mise that the plan for spinning off Alibaba holdings wo­u­ld sidestep US taxes.

Published in Dawn September 30th, 2015

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