Income Tax Benefit (Provision) (Tables)

6 Months Ended

Sep. 30, 2013

Income Tax Disclosure [Abstract]

Components of Income Tax Benefit (Provision)

The components of the income tax benefit (provision) in the Condensed Statements of Changes in Net Assets in Liquidation for the respective three and six month periods ended September 30, 2013 and 2012, are as follows:

	Three Months Ended September 30,					Six Months Ended September 30,
(in thousands)	2013		2012			2013		2012
Current	$	—	$	—		$	—	$	—
Deferred		331,015		(20,318	)		164,845		88,265
Total	$	331,015	$	(20,318	)	$	164,845	$	88,265

Summary of Deferred Taxes

Deferred taxes in the accompanying Condensed Statement of Net Assets in Liquidation at September 30, 2013, are comprised of the following components:

Deferred tax assets:
Reserves for expected costs of liquidation	$	14,694
Net operating losses		226,419
Total deferred tax assets before valuation allowance		241,113
Less: Valuation allowance		(103,867	)
Net deferred tax assets		137,246
Deferred tax liabilities:
Fair value in excess of tax basis of holdings of New GM Securities		(137,246	)
Total deferred tax liability		(137,246	)
Net deferred tax liability	$	—