Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 9

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 9
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” to be sustained assuming examination by tax authorities. As
of and during the six months ended December 31, 2024, the Fund did not have a liability for any unrecognized tax benefits. The Fund files
U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities
until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal
purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a
provision for income taxes.

The Fund recognizes interest and penalties, if
any, related to unrecognized tax benefits as income tax expenses on the Statement of Operations. During the six months ended December
31, 2024, the Fund did not incur any interest or penalties.

Distributions to Shareholders: Distributions
to shareholders, which are paid monthly and determined in accordance with income tax regulations, are recorded on the ex-dividend date.
The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net
realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily
by differences in the timing of recognition of certain components of income, expense, or realized capital gain for federal income tax
purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate
characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or
NAV per share of the Fund.

| 22 | (888) 848-7569 | www.rivernorth.com |

RiverNorth Flexible Municipal Income Fund II, Inc.

The Fund maintains a level distribution policy.
The Fund distributes to common shareholders regular monthly cash distributions of its net investment income. In addition, the Fund distributes
its net realized capital gains, if any, at least annually. Any amounts received in excess of a common shareholder’s basis are generally
treated as capital gain, assuming the shares are held as capital assets. The Board approved the implementation of the level distribution
policy to make monthly cash distributions to common shareholders. The Fund made monthly distributions to common shareholders set at a
level monthly rate of $0.0866 per common share for the period from July 1, 2024 to December 31, 2024.

Return Of Capital Distributions: At times