Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 238

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 238
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 no assurance that we will have timely knowledge of the status
of any such lower-tier PFIC. In addition, we may not hold a controlling interest in any such lower-tier PFIC and thus there can be no
assurance we will be able to cause the lower-tier PFIC to provide such required information. U.S. Holders are urged to consult their
tax advisors regarding the tax issues raised by lower-tier PFICs.

A U.S. Holder that owns (or is deemed to own) shares
in a PFIC during any taxable year of the U.S. Holder, may have to file an IRS Form 8621 (whether or not a QEF or mark-to-market election
is made) and such other information as may be required by the U.S. Treasury Department. Failure to do so, if required, will extend the
statute of limitations until such required information is furnished to the IRS.

The
rules dealing with PFICs and with the QEF and mark-to-market elections are very complex and
are affected by various factors in addition to those described above. Accordingly, U.S. Holders
of our ordinary shares or rights should consult their own tax advisors concerning the application
of the PFIC rules to our securities under their particular circumstances.

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Tax Reporting

Certain U.S. Holders may be required to file an IRS
Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) to report a transfer of property (including cash) to us.
Substantial penalties may be imposed on a U.S. Holder that fails to comply with this reporting requirement. Furthermore, certain U.S.
Holders who are individuals and certain entities will be required to report information with respect to such U.S. Holder’s investment
in “specified foreign financial assets” on IRS Form 8938 (Statement of Specified Foreign Financial Assets), subject to certain
exceptions. Persons who are required to report specified foreign financial assets and fail to do so may be subject to substantial penalties.
Potential investors are urged to consult their tax advisors regarding the foreign financial asset and other reporting obligations and
their application to an investment in our ordinary shares and rights.

Non-U.S. Holders

This section applies to you if you are a “Non-U.S.
Holder.” As used herein, the term “Non-U.S. Holder” means a beneficial owner of our units, ordinary shares or rights
that is for U.S. federal income tax purposes:

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