Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 58

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 58
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 may be applicable to a holder’s particular circumstances or
to holders that may be subject to special tax rules, such as, for example, brokers and dealers in securities, currencies or commodities,
banks and financial institutions, regulated investment companies, real estate investment trusts, expatriates, tax-exempt entities, governmental
organizations, traders in securities that elect to use a mark-to-market method of accounting for their securities, certain former citizens
or long-term residents of the U.S., insurance companies, persons holding shares of our common stock as part of a hedging, integrated or
conversion transaction or a straddle or persons deemed to sell shares of our common stock under the constructive sale provisions of the
Code, persons that hold more than 5% of our common stock, persons that hold our common stock in an individual retirement account, 401(k)
plan or similar tax-favored account, or partnerships or other pass-through entities for U.S. federal income tax purposes and investors
in such entities. This summary does not address any U.S. federal tax consequences other than U.S. federal income tax consequences (such
as estate or gift tax consequences), the Medicare tax on net investment income, the alternative minimum tax or any U.S. state, local or
foreign tax consequences. This summary also does not address any U.S. federal income tax considerations relating to any other transaction
other than the Reverse Stock Split.

| 46 |

For purposes of this summary, a “U.S.
holder” means a beneficial owner of our common stock that is, for U.S. federal income tax purposes:

| · | an individual who is a citizen or resident of the U.S.; |

| · | a corporation created or organized in or under the laws     
 of the U.S., any state thereof or the District of Columbia; |

| · | an estate the income of which is subject to U.S. federal 
 income taxation regardless of its source; or             |

| · | a trust if (1) it is subject to the primary supervision                                                                                
 of a court within the U.S. and one or more U.S. persons have the authority to control all substantial decisions of the trust or (2) it 
 has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.                              |

If an entity (or arrangement) classified as
a partnership for U.S. federal income tax purposes holds shares of our common stock, the tax treatment of a partner in the partnership
will generally depend upon