Company: FGMCU
Filing Date: 2025-01-21
Form Type: S-1/A
Source: 0001104659-25-004764
Chunk: 272

Company: FG Merger II Corp.
Filing Date: 2025-01-21
Form: S-1/A
Chunk 272
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, possibly
with retroactive effect.

This discussion is a summary only and does not
describe all of the tax consequences that may be relevant to you in light of your particular circumstances, including but not limited
to the alternative minimum tax, the Medicare tax on certain investment income and the different consequences that may apply if you are
subject to special rules that apply to certain types of investors, including but not limited to:

| · | our founders, the sponsor, officers or directors; |

| · | financial institutions or financial services entities; |

| · | broker-dealers; |

| · | taxpayers that are subject to the mark-to-market tax 
 accounting rules;                                    |

| · | S Corporations; |

| · | tax-exempt entities; |

| · | individual retirement accounts or other tax deferred 
 accounts;                                            |

| · | governments or agencies or instrumentalities thereof; |

| · | insurance companies; |

| · | regulated investment companies; |

| · | real estate investment trusts; |

| · | expatriates or former long-term residents of the United States; |

| · | persons that actually or constructively own five percent                               
 or more of our voting shares or five percent or more of the total value of our shares; |

| · | persons that acquired our securities pursuant to an                                                                                 
 exercise of employee share options, in connection with employee share incentive plans or otherwise as compensation or in connection 
 with services;                                                                                                                      |

| · | persons that hold our securities as part of a straddle,                            
 constructive sale, hedging, conversion or other integrated or similar transaction; |

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| · | persons required to accelerate the recognition of                                                                                      
 any item of gross income with respect to common stock or rights as a result of such income being recognized on an applicable financial 
 statement;                                                                                                                             |

| · | U.S. Holders whose functional currency is not 
 the U.S. dollar;                              |

| · | controlled foreign corporations; or |

| · | passive foreign investment companies. |

If a partnership (including an entity or arrangement
treated as a partnership for U.S. federal income tax purposes) holds our securities, the tax treatment of a partner, member or other
beneficial owner in such partnership will generally depend upon the status of the partner, member or other beneficial owner, the activities
of the partnership and certain determinations made at the partner, member or other beneficial owner level. If you are a partner, member
or other beneficial owner of