Income Tax Provision (Tables)

3 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

Components of Income Tax Provision

The components of the income tax provision in the Condensed Statements of Changes in Net Assets in Liquidation for three months ended June 30, 2014 and 2013 are as follows:

(in thousands)	2014		2013
Current	$	—	$	—
Deferred		—		166,170
Total	$	—	$	166,170

Summary of Deferred Taxes

Deferred taxes in the accompanying condensed statement of net assets in liquidation at June 30, 2014 are comprised of the following components:

Deferred tax assets:
Reserves for expected costs of liquidation	$	12,555
Net operating and capital loss carryovers		106,526
Gross deferred tax assets		119,081
Less: Valuation allowance		(40,895	)
Deferred tax asset, net of valuation allowance		78,186
Deferred tax liabilities:
Fair value in excess of tax basis of holdings of New GM Securities		(76,311	)
Other		(1,875	)
Gross deferred tax liabilities		(78,186	)
Net deferred tax liability	$	—