oid不是期间没有现金流的么 为什么a不对呢

问题如下：

An investor in a country with an original issue discount tax provision purchases a 20-year zero-coupon bond at a deep discount to par value. The investor plans to hold the bond until the maturity date. The investor will most likely report:

选项：

A.

a capital gain at maturity.

B.

a tax deduction in the year the bond is purchased.

C.

taxable income from the bond every year until 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. The original issue discount is equal to the difference between the bond’s par value and its original issue price.

A is incorrect because the original issue discount tax provision allows the investor to increase his cost basis in the bond so that when the bond matures, he faces no capital gain or loss. B is incorrect because the original issue discount tax provision does not require any tax deduction in the year the bond is purchased or afterwards.

考点：Taxation of Bond Income

解析：Original Issue Discount（OID） 是指债券在发行时，折价发行的债券。零息债券就属于 Original Issue Discount，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。Original Issue Discount tax provision指对持有这种债券收益的税收处理方式。

如果是Without Original Issue Discount tax provision，是指当投资者卖出零息债券时，这部分收益算作Capital Gain。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Capital gain按20交税。

如果是With Original Issue Discount tax provision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，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Capital Gain。所有的税是按期间现金流交的。故选项C正确。