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training_data/curated/text/4c8fe9b2902410facf2530482aded82ad419431fbdd17d8575025d87d356bfd8.txt

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+Chapter 41: Taxes 915 
+applicable tax rules pertaining to short sales that any gains or losses from the short 
+sale of stock are short-term gains or losses. 
+Tax Treatment for the Covered Writer. If, on the other hand, the 
+investor was assigned on a covered call - that is, he was operating the covered 
+writing strategy and he elects to deliver the stock that he owns against the 
+assignment notice, he has a complete stock transaction. The net cost of the stock 
+was determined by its purchase price at an earlier date and the net sale proceeds 
+are, of course, determined by the assignment in accordance with the preceding 
+example. 
+Determining the proceeds from the stock purchase and sale is easy, but deter­
+mining the tax status of the transaction is not. In order to prevent stockholders from 
+using deeply in-the-money calls to protect their stock while letting it become a long­
+term item, some complicated tax rules have been passed. They can be summarized 
+as follows: 
+1. If the equity option was out-of-the-money when first written, it has no effect on 
+the holding period of the stock. 
+2. If the equity option was too deeply in-the-money when first written and the stock 
+was not yet held long-term, then the holding period of the stock is eliminated. 
+3. If the equity option was in-the-money, but not too deeply, then the holding peri­
+od of the stock is suspended while the call is in place. 
+These rules are complicated and merit further explanation. The first rule mere­
+ly says that one can write out-of-the-money calls without any problem. If the stock 
+later rises and is called away, the sale proceeds for the stock include the option pre­
+mium, and the transaction is long-term or short-term depending on the holding peri­
+od of the stock. 
+Example: Assume that on September 1st of a particular year, an investor buys 100 
+XYZ at 35. He holds the stock for a while, and then on July 15th of the following year 
+- after the stock has risen to 43 - he sells an October 45 call for 3 points. 
+Net call sale proceeds ($300 - $25) 
+Net stock proceeds from 
+assignment ($4,500 - $75) 
+Net stock sale proceeds 
+Net stock cost ($3,500 + $75) 
+Net long-term gain 
+$ 275 
+$4,425 
+$4,700 $4,700 
+$3,575 
++$1, 125