The Internal Revenue Service denied Yahoo’s request for a letter ruling that the company’s spinoff of its shares in Alibaba would be tax-free, potentially striking a blow to a key component of the company’s strategy.
But Yahoo, in a Securities and Exchange Commission filing, also said the IRS had not explicitly said the proposed spinoff was taxable, leaving some hope a deal could still be done.
Yahoo shares fell about 4 percent in after-hours trading.
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This article originally appeared on Recode.net.
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