Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 227

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 227
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 U.S. Holders (as defined below) whose       
 functional currency is not the U.S. dollar. |

The discussion below is based upon current provisions
of the Code, applicable U.S. Treasury regulations promulgated under the Code (“Treasury Regulations”), judicial decisions
and administrative rulings of the IRS, all as in effect on the date hereof, and all of which are subject to differing interpretations
or change, possibly on a retroactive basis. Any such differing interpretations or change could alter the U.S. federal income tax consequences
discussed below. Furthermore, this discussion does not address any aspect of U.S. federal non-income tax laws, such as gift, estate or
Medicare contribution tax laws, or state, local or non-U.S. tax laws.

We have not sought, and will not seek, a ruling from
the IRS as to any U.S. federal income tax consequence described herein. The IRS may disagree with the discussion herein, and its determination
may be upheld by a court. Moreover, there can be no assurance that future legislation, regulations, administrative rulings or court decisions
will not adversely affect the accuracy of the statements in this discussion.

As used herein, the term “U.S. Holder”
means a beneficial owner of units, ordinary shares and rights that is for U.S. federal income tax purposes: (i) an individual who is
a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for U.S. federal income tax
purposes) that is created or organized (or treated as created or organized) in or under the laws of the United States, any state thereof
or the District of Columbia, (iii) an estate the income of which is subject to U.S. federal income taxation regardless of its source
or (iv) a trust if (A) a court within the United States is able to exercise primary supervision over the administration of the trust
and one or more United States persons have the authority to control all substantial decisions of the trust, or (B) it has in effect a
valid election under Treasury Regulations to be treated as a United States person.

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This
discussion does not consider the tax treatment of partnerships or other pass-through entities
(including branches) or persons who hold our securities through such entities. If a partnership
(or other entity or arrangement classified as a partnership for U.S. federal income tax purposes)
is the beneficial owner of our securities,