Income Tax Benefit (Provision) (Tables)

12 Months Ended

Mar. 31, 2014

Components of Income Tax (Benefit) Provision

The components of the income tax benefit (provision) in the Statements of Changes in Net Assets in Liquidation for years ended March 31, 2014, 2013 and 2012 are as follows:


(in thousands)	2014		2013			2012
Current	$	—	$	—		$	—
Deferred		164,845		(56,262	)		(108,583	)

Total	$	164,845	$	(56,262	)	$	(108,583	)

Summary of Deferred Taxes

Deferred taxes in the accompanying Statement of Net Assets in Liquidation at March 31, 2014 and 2013, are comprised of the following components:


(in thousands)	2014			2013
Deferred tax assets:
Reserves for expected costs of liquidation	$	13,414		$	21,983
Net operating and capital loss carryovers		106,867			18,212

Gross deferred tax assets		120,281			40,195
Less: Valuation allowance		(71,197	)		—

Deferred tax asset, net of valuation allowance		49,084			40,195
Deferred tax liabilities:
Fair value in excess of tax basis of holdings of New GM Securities		(49,084	)		(205,040	)

Gross deferred tax liabilities		(49,084	)		(205,040	)

Net deferred tax liability	$	—		$	(164,845	)