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FrankSun · 2020年01月24日

问一道题:NO.PZ2018062006000010

问题如下:

Which of the following about bond's tax consideration is least appropriate?

选项:

A.

Interest income paid to bondholders is usually taxed as ordinary income.

B.

Municipal bonds are usually tax-exempt.

C.

The original issue discount tax provision requires the investors to pay tax on capital gain at maturity.

解释:

C is correct.

The original issue discount tax provision requires the investor to include a prorated portion of the original issue discount in his taxable income every tax year until maturity. Thus, the cost basis in the bond is increased each year, and when the bond matures, there is no capital gain or loss.

For exampe, a 10-year zero coupon bond is issued at 600, and the par value is 1000. The original issue discount is: 1000 - 600 = 400; With original issue discount tax provision, as the bond's matruity is 10 years, the prorated portion included in the investors' taxable income each year is: 400/10 = 40. The cost basis for the first year is 600, after the first tax year, the cost basis is increased to 640.  The original issue discount tax provision allows investor to increase his cost basis in the bond gradually so that when the bond matures, he faces no capital gain or loss.

能解答一下C选项吗,谢谢

1 个答案

吴昊_品职助教 · 2020年02月03日

嗨,爱思考的PZer你好:


Original Issue Discount是指债券在发行时,折价发行的债券。OID债券以较大的折扣幅度发行。在债券的有效期内,折扣部分作为应计收入,每年的应计折扣收入应当交纳所得税。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年期债券发行价80,Capital gain 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Capital Gain。所有的税是按期间现金流交的。

知识点在基础班讲义31页。


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