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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:
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.
解答：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.
解题思路：
这里考的是零息债券的税收处理方式。零息债券是折价发行的，因此债券面值大于债券价格。在original issue discount（OID）的税收条款下，要求债券面值与价格之差分摊在各期，视作interest income，所以零息债券的持有人需缴纳income tax。在债券到期时，因为面值与价格之差在之前各期摊销完了，所以这样的债券到期时没有capital gain。
易错点：
错误集中在A选项，说明学习时忽略了original issue discount tax provision这个知识点。这道题也可以当作结论来记。
