NO.PZ2018062010000003
问题如下：
Assuming that there is a company in America where has the original issue discount (OID) tax provision in its tax code. One day, this company issues a 15-year zero-coupon bond with the $2,000 par value. An investor decides to buy it and pays $1,250 for this bond. Suppose he holds it until the maturity date, which of the following is least likely to be true?
选项：
A.Every year the investor needs to report $50 as his interest income for tax purpose.
B.The original issue discount was $750 when he buys this bond.
C.The capital gain is $750 at maturity.
解释：
C is correct.
According to the original issue discount tax provision, the capital gain which is the difference between the price and the par value needs to be average amortized in every tax year’s interest income until the maturity date. So, in this case, the capital gain is $2,000- 1,250 = $750, and needs to be average amortized for 15 years, it means each tax year’s amount is $750/15 = $50. The investor still needs to pay $1250 for this bond at the beginning without reducing the capital gain. So, C is least likely to be true.
考点：OID
解析：债券发行价与面值间差值每年摊销，投资者每年确认interest income，pay income tax，OID债券的税基每年随之增加，到期日增加到面值，因此到期日无capital gain。所以C选项说法不正确，当选。
A是正确的？不是0息债券吗？中间怎么还有50pmt?
