SunTrust Robinson Humphrey analyst, Bob Peck, lists the top 10 questions he is getting from Yahoo! (NASDAQ: YHOO) investors in this very unusual sale process that is now in a second round.

1. How many bidding rounds and how is the next "cut" decided?

2. What is the tax cost basis for the core? The analyst thinks the tax cost basis could be in the $3B vicinity.

3. What assets Included in the Bids? intellectual property? real estate?

4. Bid structure? Only all-cash or cash and stock? How does Yahoo isolate the Asian investments?

5. How is employee morale impacting performance?

6. Timing?

7. What will remain after the core is sold?

8. Is there a tax efficient way to unlock the Alibaba and Yahoo Japan shares for shareholders? Are Alibaba, SoftBank, or Yahoo Japan interested in repurchasing the securities?

9. What would an appropriate discount to NAV for the remaining entity be if the tax outcome is uncertain?

10. If the sale process is unsuccessful, is a core spin still a viable alternative? What is the timeline on that process?

The firm maintained a Buy rating and $44 price target.

For an analyst ratings summary and ratings history on Yahoo! click here. For more ratings news on Yahoo! click here.

Shares of Yahoo! closed at $37.27 yesterday.