Company: FORL
Filing Date: 2025-08-27
Form Type: 10-Q
Source: 0001213900-25-080962
Chunk: 111

Company: Four Leaf Acquisition Corp
Filing Date: 2025-08-27
Form: 10-Q
Item: Part I, Item 2
Chunk 111
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 certain exceptions apply to the excise tax. The U.S. Department of the
Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the
abuse or avoidance of the excise tax.

On
December 27, 2022, the U.S. Department of the Treasury issued Notice 2023-2 (the “Notice”) as interim guidance until publication
of forthcoming proposed regulations on the excise tax. Although the guidance in the Notice does not constitute proposed or final Treasury
regulations, taxpayers may generally rely upon the guidance provided in the Notice until the issuance of the forthcoming proposed regulations.
Certain of the forthcoming proposed regulations (if issued) could, however, apply retroactively. The Notice generally provides that if
a covered corporation completely liquidates and dissolves, distributions in such complete liquidation and other distributions by such
covered corporation in the same taxable year in which the final distribution in complete liquidation and dissolution is made are not
subject to the excise tax. 

36

Because
any redemptions of our stock in connection with a business combination, extension vote or otherwise will occur after December 31, 2022,
the redemptions that take place after that date, including the redemption on June 18, 2024 in connection with the 2024 Special Meeting,
as well as the redemption on June 27, 2025 in connection with the 2025 Special Meeting, may be subject to the excise tax. Whether and
to what extent we would be subject to the excise tax in connection with any such redemptions would depend on a number of factors, including
(i) the fair market value of the such redemptions, together with any other redemptions or repurchases we consummate in the same taxable
year, (ii) the structure of any business combination and the taxable year in which it occurs (including redemptions in connection with
the Special Meeting), (iii) the nature and amount of any equity issuances, in connection with a business combination or otherwise, issued
within the same taxable year, (iv) whether we completely liquidate and dissolve within the taxable year of such redemptions, and (v)
legal uncertainties regarding how the excise tax applies to transactions like the Business Combination (and, if applicable, a complete
liquidation and dissolution of the Company) and the content of final and proposed regulations and further guidance from the Treasury.
The foregoing could cause a