Company: RENEF
Filing Date: 2025-10-08
Form Type: PRE 14A
Source: 0001104659-25-097940
Chunk: 57

Company: Cartesian Growth Corp II
Filing Date: 2025-10-08
Form: PRE 14A
Chunk 57
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 will
be taxable as capital gain and no interest charge will be imposed. As discussed above, U.S. Holders of a QEF are currently taxed on their
pro rata shares of its earnings and profits, whether or not distributed. In such case, a subsequent distribution of such earnings and
profits that were previously included in income generally should not be taxable as a dividend to such U.S. Holders. The tax basis of
a U.S. Holder’s shares in a QEF will be increased by amounts that are included in income, and decreased by amounts distributed
but not taxed as dividends, under the above rules.

Mark-to-Market Election

Alternatively,
a U.S. Holder may make an election to mark marketable shares in a PFIC to market on an annual basis. PFIC shares generally are marketable
if they are (i) “regularly traded” on a national securities exchange that is registered with the Securities Exchange Commission
or on the national market system established under Section 11A of the Securities and Exchange Act of 1934, or (ii) “regularly traded”
on any exchange or market that the Treasury Department determines to have rules sufficient to ensure that the market price accurately
represents the fair market value of the stock. The Class A Ordinary Shares, which are listed on the Nasdaq, should qualify as marketable
shares for this purpose but there can be no assurance that the Class A Ordinary Shares will be “regularly traded.”

Pursuant
to such an election, a U.S. Holder would include in each year as ordinary income the excess, if any, of the fair market value of such
stock over its adjusted basis at the end of the taxable year. A U.S. Holder may treat as ordinary loss any excess of the adjusted basis
of the stock over its fair market value at the end of the year, but only to the extent of the net amount previously included in income
as a result of the election in prior years. A U.S. Holder’s adjusted tax basis in the PFIC shares will be increased to reflect
any amounts included in income, and decreased to reflect any amounts deducted, as a result of a mark-to-market election. Any gain recognized
on a disposition of Class A Ordinary Shares will be treated as ordinary income and any loss will be treated as ordinary loss (but only
to the extent of the net amount of income previously included as a result of a mark-to-market election).

PFIC Reporting Requirements

If we are a PF