Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 226

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 226
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 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, the U.S. federal income tax treatment of a partner
in the partnership generally will depend on the status of the partner and the activities
of the partner and the partnership. If you are a partner or a partnership holding our securities,
we urge you to consult your own tax advisor.

THIS DISCUSSION IS ONLY A SUMMARY OF CERTAIN U.S.
FEDERAL INCOME TAX CONSIDERATIONS ASSOCIATED WITH THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR UNITS. EACH PROSPECTIVE INVESTOR
IN OUR UNITS IS URGED TO CONSULT ITS OWN TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH INVESTOR OF THE ACQUISITION,
OWNERSHIP AND DISPOSITION OF OUR UNITS, INCLUDING THE APPLICABILITY AND EFFECT OF ANY STATE, LOCAL, AND NON-UNITED STATES TAX LAWS.

Personal Holding Company Status

We could be subject to a second level of U.S. federal
income tax on a portion of our income if we are determined to be a personal holding company (a “PHC”) for U.S. federal income
tax purposes. A U.S. corporation generally will be classified as a PHC for U.S. federal income tax purposes in a given taxable year if
(i) at any time during the last half of such taxable year, five or fewer individuals (without regard to their citizenship or residency
and including as individuals for this purpose certain entities such as certain tax-exempt organizations, pension funds and charitable
trusts) own