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INCOME TAX (Tables) | 11 Months Ended
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Dec. 31, 2020
INCOME TAX |
Schedule of Company's net deferred tax assets | The Company’s net deferred tax assets are as follows:
|  | December 31,
|  | 2020
Deferred tax asset |  |  |
Net operating loss carryforward |  | $ | —
Organizational costs/Startup expenses |  |  | 754,457
Total deferred tax asset |  |  | 754,457
Valuation allowance |  |  | (754,457)
Deferred tax asset, net of allowance |  | $ | —
Schedule of components of income tax provision | The income tax provision consists of the following:
|  | December 31,
|  | 2020
Federal |  |  |
Current |  | $ | 36,632
Deferred |  |  | (754,457)
State |  |  |
Current |  | $ | —
Deferred |  |  | —
Change in valuation allowance |  |  | 754,457
Income tax provision |  | $ | 36,632
Schedule of reconciliation of the federal income tax rate to the Company's effective tax rate | A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2020 is as follows:
|  | December 31, |
|  | 2020 |
|  | (As Restated) |
Statutory federal income tax rate |  | 21.0 | %
State taxes, net of federal tax benefit |  | 0.0 | %
Permanent difference-warrant liability |  | -20.46 | %
Change in valuation allowance |  | -0.57 | %
Income tax provision |  | -0.03 | %

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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