Company: GNOLF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001654954-25-004861
Chunk: 33

Company: GENOIL INC
Filing Date: 2025-04-30
Form: 20-F
Item: Item 10
Chunk 33
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's particular circumstances, which are not addressed in this summary. The tax consequences to any particular holder, including a U. S. Holder of common shares (defined below) will vary according to the status of that holder as an individual, trust, corporation, or member of a partnership, the jurisdiction in which the holder is subject to taxation, the place where the holder is resident and generally, according to the holder's particular circumstances.

U. S. Holder of Common Shares

References to a "U. S. Holder of common shares" in this section include individuals, corporations, trusts or estates who are holders of Common Shares and who:

  for purposes of the Income Tax Act (Canada) (the "ITA") and the Canada-United States Income Tax Convention (1980), as amended by the protocol signed on July 29, 1997, (the "Treaty") are residen...  
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  for purposes of the U. S. Internal Revenue Code of 1986 (the "Code") are U. S. persons;  

  deal at arm's length with Genoil for purposes of the ITA;  

  will hold the Common Shares as capital property for purposes of the ITA;  

  will hold the Common Shares as capital assets for purposes of the Code;  

  do not and will not hold the Common Shares in carrying on a business in Canada;  

  will not perform independent personal services from a fixed base situated in Canada; and  

  are not or will not be subject to special provisions of Canadian or U. S. federal income tax law, including, without limiting the generality of the foregoing, financial institutions, real estat...  

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The following summary of Canadian federal and U. S. federal income tax considerations generally applicable to a U. S. Holder of Genoil's Common Shares is based on the following, as at the time of this statement:

  the ITA and the Income Tax Regulations (Canada) (the "Regulations");  

  published proposals to amend the ITA and the Regulations;  

  published administrative positions and practices of the Canada Customs and Revenue Agency;  

  the Code;  

  Treasury Regulations;  

  published Internal Revenue Service ("IRS") rulings;  

  published administrative positions of the IRS;  

  published jurisprudence that is considered applicable; and