Post-effective amendment to a registration statement that is not immediately effective upon filing

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Entity Listings [Line Items]  
Schedule of Components of Income Tax Expense (Benefit)
               
    December 31  
    2020     2019  
Federal                
Current    $ 248,554      $ 547,749  
Deferred     (648,423 )     (40,546 )
State and Local                
Current     —       —  
Deferred     —       —  
Change in Valuation allowance     520,318       168,651  
Income tax provision (benefit)    $ 120,449      $ 675,854  
Reconciliation between provision/(benefit) for income taxes and income taxes at statutory U.S. federal income tax rate
                               
    2020     2019  
    Amount     Percent of
Pretax Income		     Amount     Percent of
Pretax Income		  
Current tax at U.S. statutory rate   $  (414,970 )      21.00 %    $ 514,015       21.00 %
Nondeductible/nontaxable items     885       -0.04 %     2,436       0.10 %
State taxes, net of federal benefit     -       0.00 %     -       0.00 %
State effect of perm items     -       0.00 %     -       0.00 %
Valuation allowance activity     520,318       -26.33 %     168,651       6.89 %
Deferred rate change     -       0.00 %     -       0.00 %
Federal payable true-up     16,652       -0.84 %     (9,248 )      -0.38 %
Other     (2,436 )      0.12 %     1       0.00 %
Total Income Tax Provision/(Benefit)    $ 120,449       -6.10 %    $ 675,854       27.61 %
Schedule of deferred income tax assets and liabilities
               
    December 31  
    2020     2019  
Deferred tax assets:                
Unrealized gain/loss    $ —     $  —  
Start-up cost     833,978       313,660  
Total deferred tax assets     833,978       313,660  
Valuation allowance     (833,978 )     (313,660 )
                 
Deferred tax liabilities                
Unrealized gain/loss     —       (128,105 ) 
Net Deferred tax assets/(liabilities), net of allowance    $ —      $ (128,105 ) 
Landsea Homes [Member]  
Entity Listings [Line Items]  
Schedule of Components of Income Tax Expense (Benefit)
                       
    Year Ended December 31,
    2020   2019   2018
    (dollars in thousands)
Current:                        
Federal   $ 833     $ 4,766     $ 8,372  
State     1,104       2,505       3,779  
Current tax provision     1,937       7,271       12,151  
                         
Deferred:                        
Federal     (3,602 )     (705 )     (5,442 )
State     (1,416 )     (407 )     (2,096 )
Deferred tax benefit     (5,018 )     (1,112 )     (7,538 )
                         
Total income tax (benefit) provision, net   $ (3,081 )   $ 6,159     $ 4,613  
Reconciliation between provision/(benefit) for income taxes and income taxes at statutory U.S. federal income tax rate
                       
    Year Ended December 31,
    2020   2019   2018
Federal income tax expense     21 %     21 %     21 %
State income tax expense, net of federal tax effect     5.7       6.9       7.3  
Permanent differences     (0.3 )     0.1       —  
Energy efficient home credit     5.6       (5.4 )     —  
Return to provision adjustment     (3.5 )     (1.2 )     (0.3 )
Rate change     (3.2 )     0.2       —  
Change of valuation allowance     —       —       (16.8 )
Effective tax rate     25.3 %     21.6 %     11.2 %
Schedule of deferred income tax assets and liabilities
               
    December 31,
    2020   2019
    (dollars in thousands)
Deferred tax assets                
Accrued expenses   $ 15,208     $ 12,306  
Lease liability     1,748       1,869  
Allowance, reserves, and other     225       526  
Net operating loss and credit carryforward     25       21  
Deferred tax asset     17,206       14,722  
                 
Deferred tax liabilities                
Right-of-use asset     (1,635 )     (1,762 )
Basis difference in fixed assets and intangible assets     (1,457 )     (274 )
Basis difference in investments     (866 )     (4,462 )
Deferred tax liability     (3,958 )     (6,498 )
                 
Net deferred tax asset   $ 13,248     $ 8,224