Dashed hopes: If the IRS moves to tax Yahoo! on its Alibaba divestiture, the struggling Internet company might take another hit on top of its declining fortunes.
Yahoo! Inc may have to pay taxes on the US$23bil (RM99.17bil) it hopes to get from the planned spinoff of its stake in Alibaba Group Holdings Ltd, threatening a key element of chief executive officer Marissa Mayer's turnaround strategy.
Yahoo! said the US Internal Revenue Service (IRS) had denied the company's request for a private letter ruling on whether the spinoff of its stake in the Chinese e-commerce giant would be considered tax free.
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