Shareholders and "sharp" CEOs looking for schemes to defeat the apparitions naked short forget about the accounting under GAAP that adjust for the spin off that goes Ex. The valuations adjust too. Sharp stinky pinky CEOs and their cult followers forget about that too. Its an equitable transaction.
If not, there is a taxable consequence and not exempt under the IRC.
Most stinky pinky CEOs who think they are sharp, and their followers forget about the Internal Revenue Code.
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