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FrankSun · 2020年01月24日

问一道题：NO.PZ2018062010000003

  1. CFA I
  2. Fixed Income

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.

原来最后没有CG啊，对么？

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1 个答案

吴昊_品职助教 · 2020年02月03日

嗨，从没放弃的小努力你好：


是的。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，无capital gain tax。


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NO.PZ2018062010000003 问题如下 Assuming ththere is a company in Ameriwhere hthe originissue scount (OI tprovision in its tco. One y, this company issues a 15-yezero-coupon bonwith the $2,000 pvalue. investor cis to buy it anpays $1,250 for this bon Suppose he hol it until the maturity te, whiof the following is least likely to true? A.Every yethe investor nee to report $50 his interest income for tpurpose. B.The originissue scount w$750 when he buys this bon C.The capitgain is $750 maturity. C is correct.Accorng to the originissue scount tprovision, the capitgain whiis the fferenbetween the prianthe pvalue nee to average amortizein every tyear’s interest income until the maturity te. So, in this case, the capitgain is $2,000- 1,250 = $750, annee to average amortizefor 15 years, it means eatyear’s amount is $750/15 = $50. The investor still nee to p$1250 for this bonthe beginning without recing the capitgain. So, C is least likely to true.考点OI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，pincome tax，OI券的税基每年随之增加，到期日增加到面值，因此到期日无capitgain。所以C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?

2023-04-22 01:52 1 · 回答

NO.PZ2018062010000003 问题如下 Assuming ththere is a company in Ameriwhere hthe originissue scount (OI tprovision in its tco. One y, this company issues a 15-yezero-coupon bonwith the $2,000 pvalue. investor cis to buy it anpays $1,250 for this bon Suppose he hol it until the maturity te, whiof the following is least likely to true? A.Every yethe investor nee to report $50 his interest income for tpurpose. B.The originissue scount w$750 when he buys this bon C.The capitgain is $750 maturity. C is correct.Accorng to the originissue scount tprovision, the capitgain whiis the fferenbetween the prianthe pvalue nee to average amortizein every tyear’s interest income until the maturity te. So, in this case, the capitgain is $2,000- 1,250 = $750, annee to average amortizefor 15 years, it means eatyear’s amount is $750/15 = $50. The investor still nee to p$1250 for this bonthe beginning without recing the capitgain. So, C is least likely to true.考点OI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，pincome tax，OI券的税基每年随之增加，到期日增加到面值，因此到期日无capitgain。所以C说法不正确，当选。 请问B如何理解呢？

2023-02-02 13:17 1 · 回答

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2020-10-27 12:54 1 · 回答

还是没有理解这道题，我觉得只能说最后到maturity的时候，没有capitgain tax，因为amortize到每年计算interest income tax了，但是到期的capitgain仍然是750，不能说到期的capitgain是0.

2020-10-05 00:49 1 · 回答

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2020-07-08 01:07 1 · 回答