Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 286

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 10
Chunk 286
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●   U.S. Holders Making a Timely QEF Election. A U.S. holder who made a timely QEF election with respect to ADSs (an “Electing Holder”) would report for U.S. federal income tax purposes his pro rata share of our ordinary earnings and net capital gain, if any, for our taxable year that ends with or within the taxable year of the Electing Holder. A distribution received from us by an Electing Holder as part of the proposed separation will be excluded from the Electing Holder’s gross income to the extent of the Electing Holder’s prior inclusions of our ordinary earnings and net capital gain. Distributions received by an Electing Holder, which are not includible in income because they have been previously taxed, would decrease the Electing Holder’s tax basis in our ADSs. A distribution received from us by an Electing Holder as part of the proposed separation which is not excluded from gross income will be subject to tax as described above in U.S. Federal Income Tax Consequences of Proposed Separation.
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●   U.S. Holders Making a Timely Mark-to-Market Election. A U.S. holder who makes a timely mark-to-market election with respect to ADSs would include annually in the U.S. holder’s income, as ordinary income, any excess of the fair market value of ADSs at the close of the taxable year over the U.S. holder’s then adjusted tax basis in the ADSs. The excess, if any, of the U.S. holder’s adjusted tax basis at the close of the taxable year over the then fair market value of the ADSs would be deductible in an amount equal to the lesser of the amount of the excess or the net mark-to-market gains that the U.S. holder included in income in previous years with respect to the ADSs. A U.S. holder’s tax basis in his ADSs would be adjusted to reflect any income or loss amount recognized pursuant to the mark-to-market election. A U.S. holder who has made a timely mark-to-market election with respect to ADSs who is treated as receiving a distribution from us as part of the proposed separation will generally be subject to tax as described above in U.S. Federal Income Tax Consequences of Proposed Separation.
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●   U.S. Holders Not Making a Timely QEF Election