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INCOME TAX (Tables)

11 Months Ended

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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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

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-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

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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.

+ 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
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