After rural landline telephone company Windstream said it had gotten the go-ahead from the Internal Revenue Service to spin off its fiber and copper networks into a REIT in order to take advantage of tax benefits, its stock soared 23%. But not only its competitors like Frontier and CenturyLink got the benefit of the potential for tax savings, so did telecom Level 3 Communications and cable operator Cablevision. But after legislative criticism of a recent rash of inversion deals where U.S. companies sought to merge with European-domiciled companies to take advantage of tax-friendly jurisdictions, the market joy may be short lived.
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