Company: FVN
Filing Date: 2025-01-07
Form Type: DRS/A
Source: 0001829126-25-000092
Chunk: 513

Company: Future Vision II Acquisition Corp.
Filing Date: 2025-01-07
Form: DRS/A
Chunk 513
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 tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to
be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the
accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold
and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax
return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities.
ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and
transition.

The Company recognizes accrued
interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts
accrued for interest and penalties as of February 29, 2024. The Company is currently not aware of any issues under review that could
result in significant payments, accruals or material deviation from its position.

The Company determined that
the Cayman Islands is the Company’s only major tax jurisdiction.

<div align='center'>F-29</div>

The Company may be subject
to potential examination by taxing authorities in the areas of income taxes. These potential examinations may include questioning the
timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws.
The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next
twelve months.

There is currently no taxation
imposed on income by the Government of the Cayman Islands for the period from January 30, 2024 (inception) through February 29,
2024.

Recent Accounting Pronouncements

Management does not believe
that any recently issued, but not effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s
financial statements.

Note 3 — Proposed Public Offering

Pursuant to the Proposed
Public Offering, the Company intends to offer for sale 5,000,000 units, (or 5,750,000 units if the underwriter’s over-allotment
option is exercised in full). Each unit has an offering price of $10.00 and consists of one ordinary share (“Public Share”)
and one right (“Public Right”) to receive one-tenth (1/10) of an ordinary share upon the consum