Piper Jaffray analyst Gene Munster says the tax treatment by the U.S. government for Yahoo's (YHOO) stake in Alibaba (BABA) remains the biggest question for Yahoo shareholders. The analyst believes the value of Yahoo assuming full taxation on both Alibaba and Yahoo! Japan would be about $38 per share. Shares of Yahoo could drop below $38 on a negative tax announcement, Munster tells investors in a research note. However, he thinks investors would likely come back to the stock after processing the news. Munster believes Yahoo shares appear to be largely pricing in a negative tax outcome. He reiterates an Overweight rating on the name with a $54 price target into the company's Q2 results. Munster cautions that tax answers are unlikely during this quarter's earnings report.