Company: BAYAU
Filing Date: 2025-12-01
Form Type: DEF 14A
Source: 0001493152-25-025486
Chunk: 54

Company: Bayview Acquisition Corp
Filing Date: 2025-12-01
Form: DEF 14A
Chunk 54
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; and (iii) the corporation is not in fact a PFIC for either of those years. The applicability of the start-up exception to us is uncertain and will not be known until after the close of our current taxable year (or possibly not until after the close of the first two taxable years following our start-up year, as described under the start-up exception). After the acquisition of a company or assets in a Business Combination, we may still meet one of the PFIC tests depending on the timing of the acquisition and the amount of our passive income and assets as well as the passive income and assets of the acquired business. If the company that we acquire in a Business Combination is a PFIC, then we will likely not qualify for the start-up exception and will be a PFIC for our current taxable year. Our actual PFIC status for our current taxable year or any subsequent taxable year, however, will not be determinable until after the end of such taxable year. Accordingly, there can be no assurance with respect to our status as a PFIC for our current taxable year or any future taxable year.

If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder and the U.S. Holder did not make a timely and effective “qualified election fund” election (a “ QEF Election”) for each of our taxable years as a PFIC in which the U.S. Holder held Public Shares, a QEF Election along with a purging election, or a “mark-to-market” election, then such holder will generally be subject to special rules (the “ Default PFIC Regime”) with respect to:

| ● | any                                                                                                                              
 gain recognized by the U.S. Holder on the sale or other disposition of its Public Shares; and                                    |
| ● | any                                                                                                                              
 “excess distribution” made to the U.S. Holder (generally, any distributions to such U.S. Holder during a taxable year            
 of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder in respect of its 
 ordinary shares during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder’s holding period   
 for such ordinary shares).                                                                                                       |

Under the Default PFIC Regime:

| ● | the                                                                                                                      
 U.S. Holder’s gain or excess distribution will be allocated ratably over the U.S. Holder’s