Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.21.1
Income Tax (Tables)
7 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Net Deferred Tax Assets

The Company’s net deferred tax assets is as follows:

 

 

 

December 31,

 

 

 

2020

 

Deferred tax assets

 

 

 

 

Start-up Costs

 

$

193,691

 

Net operating loss carryforward

 

 

23,374

 

Total deferred tax assets

 

 

217,065

 

Valuation Allowance

 

 

(217,065

)

Deferred tax assets, net of allowance

 

$

 

Schedule of Income Tax Provision

The income tax provision consists of the following:

 

 

 

 

 

 

 

 

For the Period

from

May 29, 2020

(Inception)

Through

December 31,

 

 

 

2020

 

Federal

 

 

 

 

Current

 

$

 

Deferred

 

 

(217,065

)

State and Local

 

 

 

 

Current

 

 

 

Deferred

 

 

 

Change in valuation allowance

 

 

217,065

 

Income tax provision

 

$

 

Schedule of Reconciliation of Federal Income Tax Rate

A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows:

 

 

 

December 31,

 

 

 

2020

 

Statutory federal income tax rate

 

 

21.0

%

State taxes, net of federal tax benefit

 

 

0.0

%

Valuation allowance

 

 

(21.0

)%

Income tax provision

 

 

0.0

%