Income Tax

11 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Tax

8. INCOME TAX

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

	December 31, 2019
Deferred tax asset (liability)
Unrealized gains on marketable securities	$	(10,721	)
Deferred tax liability	$	(10,721	)

The income tax provision consists of the following:

	For the Period from February 13, 2019 (inception) through December 31, 2019
Federal
Current	$	786,210
Deferred		10,721
State
Current	$	—
Deferred		—
Change in valuation allowance		—
Income tax provision	$	796,931

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

	2019
Statutory federal income tax rate		21.0	%
State taxes, net of federal tax benefit		0.0	%
Deferred tax rate change		0.0	%
Income tax provision		21.0	%

The Company files income tax returns in the U.S. federal jurisdiction and in various state and local jurisdictions and is subject to examination by the various taxing authorities. The Company considers New York to be a significant state tax jurisdiction. Our income tax returns are open for audit for tax years 2019 and forward.