Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 59

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 59
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federal income tax consequences of a Reverse Stock Split to stockholders. This summary is based on the provisions of the Internal Revenue
Code of 1986, as amended (the “Code”), U.S. Treasury regulations, administrative rulings and judicial decisions, all as in
effect on the date of this filing, and all of which are subject to change or differing interpretations, possibly with retroactive effect.
Any such change or differing interpretation could affect the tax consequences described below.

We have not sought and will not seek an opinion
of counsel or ruling from the Internal Revenue Service (the “IRS”) with respect to the statements made and the
conclusions reached in the following summary, and there can be no assurance that the IRS or a court will agree with such statements and
conclusions.

This summary is limited to stockholders that
are U.S. holders, as defined below, and that hold our common stock as a capital asset (generally, property held for investment).

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This summary is for general information only
and does not address all U.S. federal income tax considerations that may be applicable to a holder’s particular circumstances or
to holders that may be subject to special tax rules, such as, for example, brokers and dealers in securities, currencies or commodities,
banks and financial institutions, regulated investment companies, real estate investment trusts, expatriates, tax-exempt entities, governmental
organizations, traders in securities that elect to use a mark-to-market method of accounting for their securities, certain former citizens
or long-term residents of the U.S., insurance companies, persons holding shares of our common stock as part of a hedging, integrated or
conversion transaction or a straddle or persons deemed to sell shares of our common stock under the constructive sale provisions of the
Code, persons that hold more than 5% of our common stock, persons that hold our common stock in an individual retirement account, 401(k)
plan or similar tax-favored account, or partnerships or other pass-through entities for U.S. federal income tax purposes and investors
in such entities. This summary does not address any U.S. federal tax consequences other than U.S. federal income tax consequences (such
as estate or gift tax consequences), the Medicare tax on net investment income, the alternative minimum tax or any U.S. state, local or
foreign tax consequences. This summary also does not address any U.S. federal income tax considerations relating to any other transaction
other than the Reverse Stock Split.

For purposes of this summary