Company: KYIV
Filing Date: 2025-06-24
Form Type: F-4/A
Source: 0001213900-25-057315
Chunk: 211

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-24
Form: F-4/A
Chunk 211
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. holder’s holding period, (b) the amount allocated to the current taxable year and any taxable year prior to the first taxable year in which the SPAC is a PFIC will be taxed as ordinary income, and (c) the amount allocated to each of the other taxable years will be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year and an interest charge for the deemed deferral benefit will be imposed with respect to the resulting tax attributable to each such other taxable year. The impact of the PFIC rules (including the “excess distribution” rules, as discussed above) on a U.S. holder of Cohen Circle Class A Ordinary Shares will depend on whether the U.S. holder has made (i) a timely and effective QEF election for the taxable year that is the first year in the U.S. holder’s holding period of Cohen Circle Class A Ordinary Shares during which SPAC was classified as a PFIC or, if in a later taxable year, the U.S. holder made a QEF election together with a deemed sale election, or (ii) a mark -to -marketelection under Section 1296 of the Code. If a QEF or mark -to -marketelection has been made, the electing U.S. holder generally will not be subject to the excess distribution regime discussed above and the tax consequences should be as set forth above under the caption headings “— The Business Combination” and “— Redemption of Cohen Circle Class A Ordinary Shares.” A U.S. holder that owns (or is deemed to own) shares in a PFIC during any taxable year of the U.S. holder generally is also required to file an IRS Form 8621 (whether or not a QEF or mark -to -marketelection is or has been made) with such U.S. holder’s U.S. federal income tax return and provide such other information as may be required by the U.S. Treasury Department. Failure to file IRS Form 8621 for each applicable taxable year may result in substantial penalties and result in the U.S. holder’s taxable years being open to audit by the IRS until such Form is properly filed. 86 Application of the PFIC Rules to Cohen Circle Public Warrants The application of the PFIC rules to U.S. holders of Cohen Circle Public Warrants is unclear. Proposed Treasury Regulations issued under the PFIC rules generally treat an “option” (which would include a Cohen Circle Warrant) to acquire the stock of a