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Yahoo said on Monday that it will push ahead with the spin-off of its stake in Alibaba, the Chinese ecommerce company, by the end of the year, despite signs that US authorities are unhappy about allowing such deals to take place without incurring a tax charge.周一雅虎(Yahoo)回应，将之后推展在年底前挤压其手中持有人的阿里巴巴(Alibaba)股份——尽管有迹象指出美国当局并不愿容许公司不交纳税款就积极开展这类交易。阿里巴巴是一家中国电子商务公司。

The disclosure that the spin-off would go ahead, subject only to an opinion from the company’s tax advisers, sent Yahoo shares up by more than 3 per cent in after-market trading, erasing part of the 5.25 per cent loss they had suffered during normal trading on Monday.根据这一爆料，雅虎将只遵照该公司税务顾问的观点，之后积极开展挤压交易。消息传到，雅虎股价在盘后交易中下跌逾3%，令其周一交易日期间5.25%的亏损幅度收窄了一部分。

Doubts about the fate of Yahoo’s long-planned disposal of its Alibaba stake, currently worth some $22bn, were heightened earlier this month when it revealed that the Internal Revenue Service had declined to issue a letter in advance of the deal confirming that it would be tax-free. The IRS did not indicate which way it would rule, leaving a question over a deal that is central to the $27bn value of Yahoo itself.本月早些时候，对于雅虎规划已幸的阿里巴巴股份处理方案的命运，人们的猜测大大增加。当时，该公司透露美国国税局(Internal Revenue Service，IRS)拒绝接受在交易前收到信件，证实此次交易将会被课税。IRS未指明将如何判决，从而为该交易留给了一个问号。

对于雅虎270亿美元的市值来说，这次挤压交易是一个核心问题。The IRS went on to issue a public notice this month that it was “concerned” about deals that fit the pattern that Yahoo was planning and was considering issuing new guidance on such deals. US companies have been able to spin off significant shareholdings and other assets free of tax provided they place them in a new company along with ongoing operations.接着，IRS曾在这个月公布一份公告，回应十分“担忧”那些与雅虎计划中交易的模式吻合的交易，并且在考虑到为此类交易公布新的规定。此前，美国企业仍然可以将所持有人的大量股权及其他资产挤压而不用交纳税金，条件是它们将这些资产和正在运营的业务一道流经一家新的正式成立公司。However, the IRS also signalled that any change in its guidance about the tax status of spin-offs would not apply retroactively, easing some of the worries among Yahoo investors.不过，IRS也曾回应，对挤压交易税务状况规定的任何更改，都会溯及既往。

这一表态在一定程度上减低了雅虎投资者的忧虑。The mixed signals from US tax authorities left Yahoo facing a number of options, none of which would has been as good for shareholders as a clean, tax-free spin-off.美国税务当局获释的种种对立信号，令其雅虎面对一系列自由选择。对股东来说，所有选项都比不上整洁而需要纳税的挤压交易。

It said on Monday it would continue with the original plan even in the absence of confirmation from the IRS, as long as it received a legal opinion about the tax-free nature of the deal, with the transaction due to take place in the final quarter of this year.周一，雅虎回应即便没IRS的证实，该公司也不会在理解有关该交易否征税的法律意见后，之后按照最初计划继续执行，交易订于在今年最后一季度积极开展。

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