I'm not terribly clear on this either, but who exactly will actually have a quantifiable/taxable gain by this demerger? Yahoo the company used to have some Alib

I'm not terribly clear on this either, but who exactly will actually have a quantifiable/taxable gain by this demerger? Yahoo the company used to have some Alibaba, and now they will not. Yahoo the shareholders used to have some Yahoo+Alibaba, now they have some Yahoo and some Alibaba. I'm honestly curious, what would be appropriate to tax here?