Income Taxes (Successor)
|12 Months Ended|
Dec. 31, 2020
|Income Tax Disclosure [Abstract]|
|Income Taxes (Successor)||
13.Income Taxes (Successor)
The provision for (benefit) from income taxes is set forth below (in thousands):
Deferred tax assets (liabilities) are set forth below (in thousands):
The Company has determined that no valuation allowance on any of its deferred tax assets was necessary as of December 31, 2020.
As of December 31, 2020, the Company’s federal net operating loss carryforwards for income tax purposes was $6,944,000 which can be carried forward indefinitely.
The current portion of refundable income taxes was $215 as of December 31, 2020. There were no long-term refundable income taxes as of December 31, 2020.
The reconciliation of income tax computed at the U.S. federal statutory rate of 21% to reported income tax is set forth below:
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef