41.   In fact, tax liabilities that would be caused by a spinoff are often cited by companies opting to create a tracking stock instead.

42.   In its latest budget proposal, the administration calls for a corporate tax on future tracking stock, levied when the stock is issued.

43.   In that instance, the tracking stock was a compromise.

44.   In Houston, Marathon Oil is a tracking stock for its parent company, USX Corp., which is the holding company that owns U.S. Steel.

45.   In the view of the Treasury Department, issuing tracking stock can be a way of allowing companies to effectively divest subsidiaries without recognizing any gain.

46.   Investors would have the option to receive shares in either tracking stock.

47.   Instead, Cablevision is reconsidering creating a tracking stock for Rainbow.

48.   It has no real stake in Liberty Media, since the entire operating interest is owned by holders of the tracking stock.

49.   Investors can buy and sell tracking stock like regular shares, but the stock does not represent an actual separate ownership stake in the business it tracks.

50.   It may also spin off its programming arm Liberty Media to holders of Liberty Media stock, which is now a so-called tracking stock.