Noble Corp. (NYSE: NE) said Oct. 25 that has received a private letter ruling from the Internal Revenue Service relating to the tax treatment of a recently announced proposal to spin-off of part of the company.
The previously announced spin-off transaction, if approved by shareholders, is expected to qualify as a tax-free transaction, Noble said.
The private letter ruling addresses key aspects of the tax treatment of the proposed transaction. The company continues to proceed with its preparation for the spin-off, it said.
Noble was waiting for the IRS ruling ...