Registration of securities issued in business combination transactions

Income Tax (Tables)

v3.21.2
Income Tax (Tables)
12 Months Ended
Dec. 31, 2020
Deferred tax asset  
Summary of Net Deferred Tax Assets
The Company’s net deferred tax assets are as follows:
 
    
December 31,
 
    
2020
    
2019
 
Deferred tax assets
     
Net operating loss carryforward
   $ 290,402      $ —  
Unrealized (gain) loss on marketable securities
     (7,818      1,361  
  
 
 
    
 
 
 
Total deferred tax assets
     282,584        1,361  
Valuation Allowance
     (282,584      —    
  
 
 
    
 
 
 
Deferred tax assets, net valuation allowance
   $ —        $ 1,361  
  
 
 
    
 
 
 
Schedule of Provision (Benefit) For Income Taxes
The income tax provision consists of the following:
 
    
As of December 31,
 
    
2020
    
2019
 
Federal
     
Current
   $ —        $ 94,636  
Deferred
     (281,223      (1,361
State and Local
     
Current
     —          —    
Deferred
     —          —    
Change in valuation allowance
     282,584        —    
  
 
 
    
 
 
 
Income tax provision
   $ 1,361      $ 93,275  
  
 
 
    
 
 
 
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation
A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows:
 
    
December 31,
2020
   
December 31,
2019
 
Statutory federal income tax rate
     21.0     21.0
State taxes, net of federal tax benefit
     0.0     0.0
Change in fair value of warrant liability
     (19.2 )%      (20.7 )% 
Transaction costs allocable to warrant liabilities
     0.0     (1.7 )% 
Valuation allowance
     (1.9 )%      0.0
  
 
 
   
 
 
 
Income tax provision
     (0.1 )%      (1.4 )%