Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 240

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 240
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s and with the QEF and mark-to-market elections are very complex and
are affected by various factors in addition to those described above. Accordingly, U.S. Holders
of our ordinary shares or rights should consult their own tax advisors concerning the application
of the PFIC rules to our securities under their particular circumstances.

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Tax Reporting

Certain U.S. Holders may be required to file an IRS
Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) to report a transfer of property (including cash) to us.
Substantial penalties may be imposed on a U.S. Holder that fails to comply with this reporting requirement. Furthermore, certain U.S.
Holders who are individuals and certain entities will be required to report information with respect to such U.S. Holder’s investment
in “specified foreign financial assets” on IRS Form 8938 (Statement of Specified Foreign Financial Assets), subject to certain
exceptions. Persons who are required to report specified foreign financial assets and fail to do so may be subject to substantial penalties.
Potential investors are urged to consult their tax advisors regarding the foreign financial asset and other reporting obligations and
their application to an investment in our ordinary shares and rights.

Non-U.S. Holders

This section applies to you if you are a “Non-U.S.
Holder.” As used herein, the term “Non-U.S. Holder” means a beneficial owner of our units, ordinary shares or rights
that is for U.S. federal income tax purposes:

| ● | a non-resident alien individual (other                                                               
 than certain former citizens and residents of the United States subject to U.S. tax as expatriates); |

| ● | a foreign corporation; or |

| ● | an estate or trust that is not a U.S. 
 Holder;                               |

but generally does not include an individual who
is present in the United States for 183 days or more in the taxable year of disposition. If you are such an individual, you should consult
your tax advisor regarding the U.S. federal income tax consequences of the sale or other disposition of our securities.

Dividends (including constructive distributions treated
as dividends) paid or deemed paid to a Non-U.S. Holder in respect of our ordinary shares generally will not be subject to United States
federal income tax, unless the dividends are effectively connected with the Non-U.S. Holder’s conduct of a trade or business within
the United States (and,