Registration of securities issued in business combination transactions

INCOME TAX (Tables)

v3.20.4
INCOME TAX (Tables)
12 Months Ended
Dec. 31, 2019
INCOME TAX  
Schedule of company's net deferred tax assets / (liability)

The Company’s net deferred tax asset / (liability) at December 31, 2019 is as follows:

 

 

 

 

 

Deferred tax liability

    

 

  

Unrealized gain on securities

 

$

(9,657)

Total deferred tax liability

 

 

(9,657)

Valuation allowance

 

 

 —

Deferred tax liability, net of allowance

 

$

(9,657)

 

Schedule of income tax provision

The income tax provision for the period from April 11, 2019 (inception) through December 31, 2019 consists of the following:

 

 

 

 

 

 

 

 

 

Federal

    

 

  

Current

 

$

1,237,860

Deferred

 

 

9,657

State

 

 

  

Current

 

$

 —

Deferred

 

 

 —

Change in valuation allowance

 

 

 —

Income tax provision

 

$

1,247,517

 

Schedule of reconciliation of the federal income tax rate

A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2019 is as follows:

 

 

 

 

 

Statutory federal income tax rate

    

21.0

%

State taxes, net of federal tax benefit

 

0.0

%

Income tax provision

 

21.0

%