INCOME TAX (Tables)

8 Months Ended

Dec. 31, 2020

INCOME TAX

Schedule of Company's net deferred tax asset

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

	December 31,
	2020
Deferred tax asset
Startup/organizational expenses	$	596,809
Unrealized gain on marketable securities		(2,900)
Total deferred tax asset		593,909
Valuation Allowance		(593,909)
Deferred tax asset, net of allowance	$	—

Schedule of components of Company's income tax provision

The income tax provision consists of the following:

	As of  December 31,
	2020
Federal
Current	$	81,422
Deferred		(593,909)
State and Local
Current		—
Deferred		—
Change in valuation allowance		593,909
Income tax provision	$	81,422

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 is as follows:

	December 31, 2020
Statutory federal income tax rate	21.0	%
State taxes, net of federal tax benefit	0.0	%
Loss on warrant liability	(19.5)	%
Transaction costs incurred in connection with IPO	(0.7)	%
Valuation allowance	(0.9)	%
Income tax provision	(0.1)	%