Annual report pursuant to Section 13 and 15(d)

Income Taxes

v3.23.1
Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes
NOTE 8 –
INCOME
TAXES
As of December 31, 2022 and December 31, 2021, the
Comp
any’s net deferred tax assets are as follows:
 
    
For the year
ended
December 31,
2022
     
Period from August 13,
2021 (Inception)
through December 31,
2021
  
Deferred tax assets:
                  
Organizational costs/Startup expenses
    $ 694,880      $ —    
    
 
 
     
 
 
  
Total deferred tax assets
      694,880        —  
Valuation allowances
      (694,880 )       —  
    
 
 
     
 
 
  
Deferred tax asset, net of allowance
    $ —        $ —    
    
 
 
     
 
 
  
The income tax benefit for the year ended December 31, 2022 and for the period from August 13, 2021 (Inception) through December 31, 2021, consists of the following:
 
    
For the year
ended
December 31,
2022
     
Period from August 13,
2021 (Inception)
through December 31,
2021
  
Current tax:
                  
Federal tax
    $ 661,533      $ —    
State tax
      45,472        —  
    
 
 
     
 
 
  
Total current tax
      707,005        —  
    
 
 
     
 
 
  
Deferred tax:
                  
Federal
      —          —    
State
      —          —    
    
 
 
     
 
 
  
Total deferred tax
      —          —    
    
 
 
     
 
 
  
Total income tax expense
    $ 707,005      $ —    
    
 
 
     
 
 
  
A reconciliation of the federal
income
tax rate to the Company’s effective tax rate at December 31, 2022 and December 31, 2021, consists of the following:
 
 
  
For the year
ended
December 31,
2022
 
 
Period from August 13,
2021 (Inception)
through December 31,
2021
 
Statutory federal income tax rate
      21.0 %      21.0 % 
State taxes, net of federal tax benefit
      1.2 %      1.1 % 
Valuation allowance
      472.8 %      -22.1 % 
    
 
 
    
 
 
  
Effective tax rate
      495.0 %      0 % 
The Company will file taxes in the U.S. Federal jurisdiction, Delaware, New York, New York City, and Washington DC. The amount of $661,533 for Federal Tax and $45,472 for State Tax were recorded as income tax payables.