Income Tax Benefit (Provision) (Tables)

12 Months Ended

Mar. 31, 2015

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, 2015, 2014 and 2013 are as follows:


(in thousands)	2015		2014		2013
Current	$	—	$	—	$	—
Deferred		—		164,845		(56,262	)

Total	$	—	$	164,845	$	(56,262	)

Summary of Deferred Taxes

Deferred taxes in the accompanying Statement of Net Assets in Liquidation at March 31, 2015 and 2014 are comprised of the following components:


(in thousands)	2015			2014
Deferred tax assets:
Reserves for expected costs of liquidation	$	10,066		$	13,414
Net operating and capital loss carryovers		108,227			106,867

Gross deferred tax assets		118,293			120,281
Less: Valuation allowance		(35,966	)		(71,197	)

Deferred tax asset, net of valuation allowance		82,327			49,084
Deferred tax liabilities:
Fair value in excess of tax basis of holdings of New GM Securities		(71,560	)		(49,084	)
Accrued dividends and interest		(10,767	)		—

Gross deferred tax liabilities		(82,327	)		(49,084	)

Net deferred tax liability	$	—		$	—