Income Tax (Provision) Benefit (Tables)

9 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Components of Income Tax (Provision) Benefit

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

	Three Months Ended December 31,						Nine Months Ended December 31,
(in thousands)	2013			2012			2013		2012
Current	$	—		$	—		$	—	$	—
Deferred		(32,183	)		(172,039	)		132,662		(83,774	)
Total	$	(32,183	)	$	(172,039	)	$	132,662	$	(83,774	)

Summary of Deferred Taxes

Deferred taxes in the accompanying Condensed Statement of Net Assets in Liquidation at December 31, 2013, are comprised of the following components:

Deferred tax assets:
Reserves for expected costs of liquidation	$	14,807
Net operating losses		107,812
Total deferred tax assets		122,619
Deferred tax liabilities:
Fair value in excess of tax basis of holdings of New GM Securities		(154,802	)
Total deferred tax liability		(154,802	)
Net deferred tax liability	$	(32,183	)