Wall Street Journal, Taxing Thoughts for NYSE Shareholders:

The latest dust-up in the battle for NYSE Euronext has centered on potential cost savings from a deal. Investors, though, may want to focus on the tax implications of the competing proposals. … Neither side, though, has talked much about tax implications. On that score, the NYSE-Deutsche Börse tie-up is to shareholders’ advantage. Because NYSE shareholders would receive stock in a reorganization and wouldn’t acquire a majority of the new company, the deal won’t be taxable to them.

But the Nasdaq plan, which would give NYSE shareholders cash, Nasdaq shares and ICE stock, would be. That may be why, in a proposal to NYSE’s board, Nasdaq noted it may be possible to work out a deal structure that results in a partially tax-free share exchange.

Tax accountant Robert Willens reckons there are structures that could result in part of a share-based payment being tax-free in a Nasdaq deal. But no structure is ever certain, and this could be complicated by the regulatory and political attention focused on the battle.

The tax difference isn’t likely to completely close the gap between the value of the proposals. Still, it may be something more concrete for NYSE investors to consider than often-ephemeral synergy talk.