Income Tax Provision (Tables)

6 Months Ended

Sep. 30, 2014

Income Tax Disclosure [Abstract]

Components of Income Tax Benefit

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

	Three Months Ended September 30,				Six Months Ended September 30,
(in thousands)	2014		2013		2014		2013
Current	$	—	$	—	$	—	$	—
Deferred		—		331,015		—		164,845
Total	$	—	$	331,015	$	—	$	164,845

Summary of Deferred Taxes

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

Deferred tax assets:
Reserves for expected costs of liquidation	$	11,686
Net operating and capital loss carryovers		106,473
Gross deferred tax assets		118,159
Less: Valuation allowance		(112,469	)
Deferred tax asset, net of valuation allowance		5,690
Deferred tax liabilities:
Fair value in excess of tax basis of holdings of New GM Securities		(4,256	)
Other		(1,434	)
Gross deferred tax liabilities		(5,690	)
Net deferred tax liability	$	—