Well... one of the original principles of structured programming is that you can and should break large tasks down into smaller tasks, and each task -- a function or a procedure ("sub" in VB.NET) -- can have parameters passed by the calling procedure. So, in this case, you could create one or more subs or functions, either with the "e" as a parameter, or one or more subs or functions that take as their parameter(s) a value of a property of "e":
Private Function DoSomething(ByVal e As DayRenderEventArgs) As Label
' ...
End Function
or,
DoSomethingElse(e.Day.IsOtherMonth)
Private Sub DoSomethingElse(ByVal isOtherMonth As Boolean)
' ...
End Sub
OK? What a piece of work is man, how noble in reason, how infinite in faculties, in form and moving how express and admirable . . . and yet to me, what is this quintessence of dust? -- Hamlet, Act II, Scene ii.