国产av不卡一区二区_欧美xxxx做受欧美_成年人看的毛片_亚洲第一天堂在线观看_亚洲午夜精品久久久中文影院av_8x8ⅹ国产精品一区二区二区_久久精品国产sm调教网站演员_亚洲av综合色区无码一二三区_成人免费激情视频_国产九九九视频

Yahoo Inc said on Monday it would proceed with the planned spinoff of its stake in Alibaba Group Holding Ltd. [Photo/IC]

Yahoo Inc said on Monday it would proceed with the planned spinoff of its stake in Alibaba Group Holding Ltd 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.

The Web search company said earlier this month the IRS had denied its request for a private letter ruling on whether the spinoff of its stake in the Chinese e-commerce giant would be considered tax free.

The spin-off will remain subject to certain other conditions including the receipt of a legal opinion on the tax-free treatment of the deal under US federal tax laws, Yahoo said in a regulatory filing.

Based on Alibaba's Monday close of $59.24, Yahoo's 384 million shares of Alibaba are worth $22.75 billion.

The value of the stake is slightly less than Yahoo's market capitalization of about $25.98 billion based on 941 million shares outstanding on July 31 and Monday's close.

Many analysts say Yahoo's core business is worth close to nothing without its Asian assets.

As of Monday's close, Yahoo's shares have declined a little more than 45 percent this year. Alibaba's shares have fallen nearly 45 percent over the same period.

Investors have closely followed plans for the spinoff, seeing it as a way to unlock value from the company.

Yahoo paid $1 billion in 2005 for a 40 percent stake in Alibaba, in a deal credited to the US company's co-founder Jerry Yang.

Yahoo, which expects to complete the deal in the forth quarter ending Dec. 31, has been trying to revive its core online advertising business by spending more to get users on its websites.

Analysts and shareholders believe the company and its stake in Alibaba would be worth more separately, as long as the spinoff is not subject to tax incurred from selling the shares.