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Is Yahoo's core business really worth $0?

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Will Yahoo get hammered by the IRS, or is its core business worthless? Based on a simple analysis of the company, at least one of these unattractive assumptions is currently held by investors.

Yahoo shares sink on IRS/Alibaba blow

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The Internal Revenue Service denied Yahoo's request for a letter ruling that the company's spinoff of its shares in Alibaba would be tax-free, potentially striking a blow to a key component of the company's strategy.