Company: DEFI
Filing Date: 2025-03-17
Form Type: S-1/A
Source: 0001387131-25-000058
Chunk: 234

Company: Tidal Commodities Trust I
Filing Date: 2025-03-17
Form: S-1/A
Chunk 234
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 elected to apply a mark-to-market method of tax 
 accounting in respect thereof;                                                         |

| ● | persons                                                                  
 holding Shares as part of a hedge, “straddle,” integrated transaction or 
 similar transaction;                                                     |

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| ● | persons                                                                                      
 holding Shares acquired by them as part of a Creation Basket or redeeming Shares in exchange 
 for the underlying bitcoins and/or carbon credit futures represented by the redeemed         
 Shares;                                                                                      |

| ● | U.S.                                                                         
 Holders (as defined below) whose functional currency is not the U.S. dollar; |

| ● | entities                                                                         
 or arrangements classified as partnerships for U.S. federal income tax purposes; |

| ● | real                      
 estate investment trusts; |

| ● | regulated                 
 investment companies; and |

| ● | tax-exempt                                          
 entities, including individual retirement accounts. |

This discussion applies only to Shares that are held as capital assets and does not address alternative minimum tax consequences or, except as explicitly discussed below, the consequences of the 3.8% Medicare surtax on net investment income.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds Shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships holding Shares and partners in those partnerships are urged to consult their tax advisers about the particular U.S. federal income tax consequences of owning Shares.

This discussion is based on the Code, administrative pronouncements, judicial decisions and final, temporary and proposed Treasury regulations as of the date hereof, changes to any of which subsequent to the date hereof may affect the tax consequences described herein. Prospective investors are urged to consult their tax advisers about the application of the U.S. federal income tax laws to their particular situations, as well as any tax consequences arising under the laws of any state, local or foreign taxing jurisdiction.

Tax matters are complex, and the tax consequences of the purchase and holding of the Shares will depend on the particular facts of each investor’s situation. You are advised to consult your own tax advisors with respect to the application to your own circumstances of the U.S. federal income tax rules described below and with respect to other federal, state, local, or foreign tax consequences to you before making an investment in the Shares.

U.S. Federal Income Taxation of the Fund

The Fund is classified as a corporation for U.S. federal income tax purposes, and as