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Yahoo will sell Alibaba stake despite IRS tax stance
2015-09-29 08:50:00| Telecompaper Headlines
(Telecompaper) Yahoo said it plans to move forward with the sale of its stake in Alibaba Group even though the IRS has declined to rule on whether the transaction would be tax free, Reuters reported. Yahoo said earlier this month that the IRS had denied its request for a private letter ruling on whether the spinoff of its stake in Alibaba would be considered tax free. The sale is still 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 close on 28 September of USD 59.24 per share, Yahoo's 384 million shares in the e-commerce company are worth USD 22.75 billion. The value of the stake is slightly less than Yahoo's market capitalization of about USD 25.98 billion based on 941 million shares outstanding on 31 July and the close on 28 September. Many analysts say Yahoo's core business is worth close to nothing without its Asian assets.
Coca-Cola: IRS says we owe $3.3 billion in back taxes
2015-09-18 20:18:39| Beverages - Topix.net
Coca-Cola was notified by the IRS that it owes $3.3 billion more in federal taxes, as well as interest, for 2007 to 2009, the company said Friday. The Atlanta-based company said in a regulatory filing that it believes the assessments are without merit and plans to pursue "all administrative and judicial remedies necessary to resolve the matter."
Mylan launches Perrigo bid; special Heinz mustard sale; IRS banning big checks
2015-09-15 06:14:28| Food - Topix.net
Local generic drugmaker Mylan formally launched its hostile takeover bid for Perrigo Co. on Monday by taking its offer directly to Perrigo shareholders.
International Paper (IP) Stock Down After IRS Proposed New Tax Rules
2015-05-05 23:23:10| Paper - Topix.net
Under the new rule, processing of timber includes making sawdust, untreated lumber and woodchips. This would make the tax break unavailable after chemicals or foreign substances are added and it's turned into paper, pulp and plywood, Bloomberg reports.
Tags: new
international
paper
stock
Paper Companies' Bid to Reduce Tax Bills Curtailed by IRS
2015-05-05 23:20:29| Industrial Machines - Topix.net
Packaging companies including International Paper Co. and Rock-Tenn Co. won't be able to separate their containerboard operations into tax-advantaged vehicles, under rules proposed Tuesday by the IRS.
Tags: paper
companies
tax
reduce
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