Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 82

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 82
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from any of the tax aspects set forth below. Unless otherwise noted, this discussion assumes that the Common Shares are held by U.S. persons
and that Common Shareholders hold their Common Shares as capital assets for U.S. federal income tax purposes (generally, assets held for
investment). No attempt is made to present a detailed explanation of all U.S. federal income tax concerns affecting the Fund and its Common
Shareholders (including Common Shareholders that are subject to special provisions of the Code, such as financial institutions, insurance
companies, a partnership or other pass-through entity for U.S. federal income tax purposes, Common Shareholders whose “functional
currency” is not the U.S. dollar, tax-exempt organizations, a controlled foreign corporation or a passive foreign investment company,
dealers in securities or currencies, traders in securities or commodities that elect mark-to-market treatment, persons that will hold
Common Shares as a position in a “straddle,” “hedge” or as part of a “constructive sale” for federal
income tax purposes, persons subject to special rules or exemptions under the Foreign Investment in Real Property Tax Act of 1980, persons
that actually or constructively own or have owned a large position in the Fund, and, except as otherwise expressly indicated, non-U.S.
persons), and the discussions set forth here and in the Prospectus do not constitute tax advice. Investors are urged to consult their
tax advisors regarding the U.S. federal, state, local and foreign tax consequences of investing in the Fund.

<div align='center'>S-17</div>

Taxation of the Fund

Since its inception and through
the Fund’s fiscal year ended November 30, 2017, the Fund was treated as a regular corporation, or a “C” corporation,
for U.S. federal income tax purposes and, as a result, unlike most investment companies, was subject to corporate income tax to the extent
the Fund recognized taxable income. In conjunction with certain changes to the Fund’s non-fundamental investment policies that became
effective on February 20, 2018, the Fund has managed its portfolio in a manner intended to allow the Fund to qualify as, and the
Fund elected to be treated as, a RIC for U.S. federal income tax purposes beginning with the Fund’s fiscal year ending November 30,
2018. Except as otherwise expressly indicated, the remainder of this discussion assumes the Fund has qualified, and will continue to qualify,
for taxation as