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Yahoo Inc (YHOO.O) said on Monday it would proceed with the planned spinoff of its stake in Alibaba Group Holding Ltd (BABA.N) even though the IRS has declined to rule on whether the transaction would be tax free.
Yahoo's shares rose 4 percent to $28.71 in extended trading. Yahoo to Go Ahead With Alibaba Spin-Off Despite Lack of U.S. Tax Ruling [reuters.com]