问一道题：NO.PZ2016031001000010 [ CFA I ]

NO.PZ2016031001000010问题如下investor in a country with originissue scount tprovision purchases a 20-yezero-coupon bona ep scount to pvalue. The investor plans to holthe bonuntil the maturity te. The investor will most likely report:A.a capitgain maturity.B.a tction in the yethe bonis purchaseC.taxable income from the bonevery yeuntil maturity. C is correct.The originissue scount tprovision requires the investor to inclu a prorateportion of the originissue scount in his taxable income every tyeuntil maturity. The originissue scount is equto the fferenbetween the bons pvalue anits originissue price.A is incorrebecause the originissue scount tprovision allows the investor to increase his cost basis in the bonso thwhen the bonmatures, he faces no capitgain or loss. B is incorrebecause the originissue scount tprovision es not require any tction in the yethe bonis purchaseor afterwar.考点Taxation of BonIncome解析OriginIssue scount（OI 是指债券在发行时，折价发行的债券。零息债券就属于 OriginIssue scount，期间没有现金流，这个折价部分实际上是支付给债券持有人的利息。OriginIssue scount tprovision指对持有这种债券收益的税收处理方式。如果是Without OriginIssue scount tprovision，是指当投资者卖出零息债券时，这部分收益算作CapitGain。只有在卖出时才对这部分收益征税，缴税时投资者持有零息债券的成本是期初购买价。例如，5年的零息债券发行价80，期间不用交任何税，到期时Capitgain按20交税。如果是With OriginIssue scount tprovision是指，将折价部分的总收益按比例打散到每一年，这样对应每一年都有期间收益，投资者每一年对其收益缴税。例如，5年的零息债券发行价80，Capitgain 20，用这种税收处理方式，每年的收益是4元，每年对这4元交税。同时投资者持有零息债券的成本价每一年都在按比例提升，例如第一年过去，成本价变为84，第二年过去成本价变成88；以此类推，直到到期时成本价调整到面额，这样到期时，投资者没有CapitGain。所有的税是按期间现金流交的。故C正确。 OI不要区分是否为美国投资者，这道题没有明确，是不是在没有明确的情况下，视同为美国投资者，故将OI为利息收入各期摊销，没有Capitgain

NO.PZ2016031001000010问题如下investor in a country with originissue scount tprovision purchases a 20-yezero-coupon bona ep scount to pvalue. The investor plans to holthe bonuntil the maturity te. The investor will most likely report:A.a capitgain maturity.B.a tction in the yethe bonis purchaseC.taxable income from the bonevery yeuntil maturity. C is correct.The originissue scount tprovision requires the investor to inclu a prorateportion of the originissue scount in his taxable income every tyeuntil maturity. The originissue scount is equto the fferenbetween the bons pvalue anits originissue price.A is incorrebecause the originissue scount tprovision allows the investor to increase his cost basis in the bonso thwhen the bonmatures, he faces no capitgain or loss. B is incorrebecause the originissue scount tprovision es not require any tction in the yethe bonis purchaseor afterwar.考点Taxation of BonIncome解析OriginIssue scount（OI 是指债券在发行时，折价发行的债券。零息债券就属于 OriginIssue scount，期间没有现金流，这个折价部分实际上是支付给债券持有人的利息。OriginIssue scount tprovision指对持有这种债券收益的税收处理方式。如果是Without OriginIssue scount tprovision，是指当投资者卖出零息债券时，这部分收益算作CapitGain。只有在卖出时才对这部分收益征税，缴税时投资者持有零息债券的成本是期初购买价。例如，5年的零息债券发行价80，期间不用交任何税，到期时Capitgain按20交税。如果是With OriginIssue scount tprovision是指，将折价部分的总收益按比例打散到每一年，这样对应每一年都有期间收益，投资者每一年对其收益缴税。例如，5年的零息债券发行价80，Capitgain 20，用这种税收处理方式，每年的收益是4元，每年对这4元交税。同时投资者持有零息债券的成本价每一年都在按比例提升，例如第一年过去，成本价变为84，第二年过去成本价变成88；以此类推，直到到期时成本价调整到面额，这样到期时，投资者没有CapitGain。所有的税是按期间现金流交的。故C正确。 如题目oi期间无现金流的吧？

    零息债券不是中间没有现金流吗？怎么会有每年taxable income呢？

这个知识点好像没有讲吧？在哪里呢