CFA III - Synthetic Positions - Why no PV(X) involved?

What happens to the PV(X) in this formula?
c0 − p0 = S0 − PV(X)

The curriculum and practice problems intimate that c0 − p0 = S0 , which would make it seem PV(X) is just nil (0) ?

In level II the PV(X) was the value of a zero coupon bond for the strike price, to account for the time value in the options (at least that was my understanding).

They’re replicating the profit, not the payoff.