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+Chapter 41: Taxes 917 
+that is too deeply in-the-money (if one exists), and eliminate the holding period on 
+the stock 
+Qualified Covered Call. The preceding examples and discussion summa­
+rize the covered writing rules. Let us now look at what is a qualified covered call. 
+The following rules are the literal interpretation. Most investors work from 
+tables that are built from these rules. Such a table may be found in Appendix E. 
+(Be aware that these rules may change, and consult a tax advisor for the latest 
+figures.) A covered call is qualified if: 
+1. the option has more than 30 days of life remaining when it is written, and 
+2. the strike of the written call is not lower than the following benchmarks: 
+a. First determine the applicable stock price (ASP). That is normally the closing 
+price of the stock on the previous day. However, if the stock opens more than 
+ll0% higher than its previous close, then the applicable stock price is that 
+higher opening. 
+b. If the ASP is less than $25, then the benchmark strike is 85% of ASP. So any 
+call written with a strike lower than 85% of ASP would not be qualified. (For 
+example, if the stock was at 12 and one wrote a call with a striking price of 10, 
+it would not be qualified- it is too deeply in-the-money.) 
+c. If the ASP is between 25.13 and 60, then the benchmark is the next lowest 
+strike. Thus, if the stock were at 39 and one wrote a call with a strike of 35, it 
+would be qualified. 
+d. If the ASP is greater than 60 and not higher than 150, and the call has more 
+than 90 days of life remaining, the benchmark is two strikes below the ASP. 
+There is a further condition here that the benchmark cannot be more than 10 
+points lower than the ASP. Thus, if a stock is trading at 90, one could write a 
+call with a strike of 80 as long as the call had more than 90 days remaining 
+until expiration, and still be qualified. 
+e. If the ASP is greater than 150 and the call has more than 90 days of life remain­
+ing, the benchmark is two strikes below the ASP. Thus, if there are 10-point 
+striking price intervals, then one could write a call that was 20 points in-the­
+money and still be qualified. Of course, if there are 5-point intervals, then one 
+could not write a call deeper than 10 points in-the-money and still be qualified. 
+These rules are complicated. That is why they are summarized in Appendix E. 
+In addition, they are always subject to change, so if an investor is considering writing 
+an in-the-money covered call against stock that is still short-term in nature, he should 
+check with his tax advisor and/or broker to determine whether the in-the-money call 
+is qualified or not.