Yahoo! Inc. (NASDAQ:YHOO) CEO Marissa Mayer is making a big gamble with the company's $22 billion stake in Chinese e-commerce behemoth Alibaba. The U.S. Internet company said in a filing with SEC that its board has authorized the proposed spinoff. Mayer has been telling shareholders for months that Yahoo was working on an elaborate plan to spin off its Alibaba stake into a new entity without incurring any taxes.
Earlier this month, the Internal Revenue Service (IRS) refused to clarify whether the spinoff of Alibaba stake will be tax-free. It has made Yahoo's spinoff plan a bit riskier. The Web search company said in a regulatory filing that the spinoff will be subject to certain other conditions such as the...
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