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Yahoo tells SEC Alibaba stake spin-off to proceed
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YAHOO has 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 of directors has authorized 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 favorable ruling from the IRS,” the company said in a filing with the Securities and Exchange Commission.
Early in September, the US Internal Revenue Service refused to promise Yahoo’s plan for spinning off its Alibaba holdings would sidestep US taxes.
The IRS declined a request for a preliminary ruling that the way the spin-off is structured satisfies requirements for avoiding taxes on the multi-billion-dollar stake in Alibaba.
At the same time, the IRS did not indicate for sure that the transaction would be taxable, according to the California-based Internet pioneer.
Yahoo said in the filing that it expected the spin-off to be completed in the final quarter of this year, but said it still hinged on final approval by the company’s board.
Yahoo in July formally notified US regulators it is spinning off its stake in Alibaba to an independent new company called Aabaco Holdings.
Aabaco will wind up owning around 384 million shares of the Alibaba Group, representing an interest of about 15 percent, according to an SEC filing.
The move was designed to sidestep taxes and appease investors eager to tap into Yahoo’s rich stake in Alibaba.
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