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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of net deferred tax assets

The Company’s net deferred tax assets at December 31, 2023 and 2022 is as follows:

​

​	​	​	​	​	​	​
​	​	December 31,
​		2023			2022
Deferred tax assets:	​	​	​	​	​	​
Capitalized start-up costs	​	$	877,440	​	$	579,901
Net operating loss carryforward		​	39,845	​	​	—
Total deferred tax assets		​	917,285		​	579,901
Valuation allowance		​	(861,760)		​	(211,887)
Net deferred tax assets	​	​	55,525		​	368,014
​	​	​	​	​	​	​
Deferred tax liabilities:	​	​	​	​	​	​
Accrued dividends on marketable securities held in Trust Account	​	​	(55,525)	​	​	(368,014)
Total deferred tax liabilities	​	​	(55,525)	​	​	(368,014)
Net deferred tax assets (liabilities)	​	$	—	​	$	—

Schedule of income tax provision

The income tax provision for the years ended December 31, 2023 and 2022 consists of the following:

​

​	​	​	​	​	​	​
​	​	December 31,
​		2023			2022
Current expense (benefit)	​		​	​		​
Federal	​	$	1,319,280	​	$	362,282
State	​		—	​		—
Deferred expense (benefit)	​			​
Federal	​		(457,790)	​		17,037
State	​		(192,083)	​		(13,143)
Change in Valuation Allowance	​		649,873	​		(3,894)
Income tax provision	​	$	1,319,280	​	$	362,282

Schedule of reconciliation of the federal income tax rate to the effective tax rate

A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2023 and 2022 is as follows:

​	​	​	​	​	​
​		December 31,
​	​	2023	​	2022	​
Statutory federal income tax rate	​	21.00	%	21.00	%
State taxes, net of federal tax benefit		(4.74)	%	(0.07)	%
Change in fair value of warrant liabilities		0.28	%	(18.95)	%
Change in valuation allowance		16.05	%	(0.02)	%
Income tax provision		32.59	%	1.96	​

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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