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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of provision for (benefit) from income taxes

		Year ended December 31,
		2020				2019
Current:
Federal		$	1,112			$	88
State			951				312
Total current			2,063				400
Deferred:
Federal			(35,747	)			—
State			(10,065	)			—
Total deferred			(45,812	)			—
Income tax (benefit) expense		$	(43,749	)		$	400

Schedule of federal statutory corporate income tax rate

		Year ended December 31,
		2020				2019
Tax benefit at Federal statutory rate		$	(6,904	)		$	(2,516	)
State income tax provision (benefit), net of federal benefit			499				3
Noncontrolling interest			(117	)			1,754
Tax receivable agreement liability			(1,518	)			—
Change in valuation allowance			(35,531	)			1,088
Other			(178	)			71
Income tax (benefit) expense		$	(43,749	)		$	400

Schedule of deferred income tax assets

		2020				2019
Basis difference in Purple LLC investment		$	210,671			$	34,384
Tax over book basis in capital contributions			51,995				8,411
Start-up costs			529				578
Accruals and reserves			38				9
Net Operating Losses			6				913
Total net deferred income tax asset			263,239				44,295
Less: Valuation allowance			(51,995	)			(44,295	)
Net deferred income tax asset (liability)		$	211,244			$	—

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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

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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

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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

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