動画公開日：2025-01-04 22:32:35
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The discount on zero-coupon bonds must be amortized over the life of the bond. In this question, the $480 discount ($1,000 minus the purchase price of $520) is amortized at a rate of $40 per year ($480 divided by 12 years). That $40 per year is reported as ordinary income even though nothing was received by the investor. That is why it is called phantom income. If the bond is sold before maturity, the accreted value is compared with the sale price. If the sale price is higher, the difference is capital gain. If it is lower, it is capital loss. After 10 years, the accreted value is $920 ($40 per year times 10 years = $400 added to the initial $520). The sale price of $945 exceeds the cost basis of $920 by $25, and that is a long-term capital gain.
