Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 183

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 10
Chunk 183
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. S. persons are authorized to control all substantial decisions of the trust; or ...  

If a beneficial owner of our
shares is not described as a U. S. Holder in one of the four bullet points above and is not an entity treated as a partnership or other
pass-through entity for U. S. federal income tax purposes, such owner will be considered a “ Non-U. S. Holder”. The U. S. federal
income tax consequences applicable to Non-U. S. Holders is described below under the heading “ Tax Consequences to Non-U. S. Holders
of Ordinary Shares.”

This summary is based on the
Internal Revenue Code of 1986, as amended (the “ Code”), its legislative history, existing Treasury regulations promulgated
thereunder, published rulings and court decisions, all as currently in effect. These authorities are subject to changes or differing interpretations,
possibly on a retroactive basis.

This discussion does not address
all aspects of U. S. federal income taxation that may be relevant to us or to any particular holder of our shares based on such holder’s
individual circumstances. In particular, this discussion considers only holders that own our shares as capital assets within the meaning
of Section 1221 of the Code. This discussion also does not address the potential application of the alternative minimum tax or the U. S.
federal income tax consequences to holders that are subject to special rules, including:

  financial institutions or financial services entities;  
  broker-dealers;                                         
  taxpayers who have elected mark-to-market accounting;   

  tax-exempt entities;                                   
  governments or agencies or instrumentalities thereof;  
  insurance companies;                                   
  regulated investment companies;                        
  real estate investment trusts;                         

  certain expatriates or former long-term residents of the United States;       
  persons that actually or constructively own 5% or more of our voting shares;  

  persons that acquired our shares pursuant to the exercise of employee stock options, in connection with employee stock incentive plans or otherwise as compensation;  
  persons that hold our shares as part of a straddle, constructive sale, hedging, conversion or other integrated transaction; or                                        
  persons whose functional currency is not the U. S. dollar.                                                                                                            

This discussion does not address
any aspect of U. S. federal non-income tax laws, such as gift or estate tax laws, or state, local or non-U. S. tax laws. Additionally, this
discussion does not