Income Tax (Provision) Benefit (Tables)

9 Months Ended

Dec. 31, 2014

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 three and nine months ended December 31, 2014 and 2013 are as follows:

	Three Months Ended December 31,					Nine Months Ended December 31,
(in thousands)	2014		2013			2014		2013
Current	$	—	$	—		$	—	$	—
Deferred		—		(32,183	)		—		132,662
Total	$	—	$	(32,183	)	$	—	$	132,662

Summary of Deferred Taxes

Deferred taxes in the accompanying condensed statement of net assets in liquidation at December 31, 2014 are comprised of the following components:

Deferred tax assets:
Reserves for expected costs of liquidation	$	10,990
Net operating and capital loss carryovers		108,720
Gross deferred tax assets		119,710
Less: Valuation allowance		(79,762	)
Deferred tax asset, net of valuation allowance		39,948
Deferred tax liabilities:
Fair value in excess of tax basis of holdings of New GM Securities		(38,539	)
Other		(1,409	)
Gross deferred tax liabilities		(39,948	)
Net deferred tax liability	$	—