This excerpt taken from the TPTX DEF 14A filed Jun 19, 2009.
What are the material United States Federal income tax consequences of our dissolution and liquidation?
After the approval of the Plan of Dissolution and until the liquidation is completed, we will continue to be subject to Federal income taxation on our taxable income. We will recognize gain or loss with respect to the sale of our assets, and may recognize gain upon any distribution of non-cash assets.
Liquidating distributions received by our stockholders, if any, will be applied against and reduce each stockholders tax basis in such stockholders shares of stock. Gain will be recognized as a result of a liquidating distribution to the extent that the aggregate value of the distribution and any prior liquidating distributions received by a stockholder with respect to a share exceeds such
stockholders basis for that share. A loss will generally be recognized if the aggregate value of all liquidating distributions with respect to a share is less than the stockholders tax basis for that share. Gain or loss recognized by a stockholder will be capital gain or loss provided the shares are held as capital assets, and will generally be long-term capital gain or loss if the stock has been held for more than one year. See Proposal No. 1Approval of the Plan of Liquidation and DissolutionMaterial United States Federal Income Tax Consequences of Our Dissolution and Liquidation.
The tax consequences of the Plan of Dissolution may vary depending upon the particular circumstances of each stockholder. We recommend that each stockholder consult its own tax advisor regarding the Federal income tax consequences of the Plan of Dissolution as well as the state, local and foreign tax consequences.