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The IRS subsequently issued a nonacquiescence in response to the Sargent decision. The IRS recently published a notice of nonacquiescence to the Tax Court decision, saying it intends to object to all tax-free spinoffs in which the stock is sold shortly after distribution. In the same Wall Street Journal article that helped to expose Cantu, Terrance Pell of the Center for Individual Rights wrote of another case in Texas that indicates the Clinton administration is still following its policy of nonacquiescence. |
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