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+920 Part VI: Measuring and Trading VolatiRty 
+that call was in-the-money, he could have elected to let the call be assigned and to 
+take his profit on the position at that time. However, this would have produced a 
+short-term gain, since the stock had not yet been held for one year, so he elected 
+instead to terminate the October 35 call through a closing purchase transaction and 
+to simultaneously write a call whose expiration date exceeded the one year period 
+required to make the stock a long-term item. He thus wrote the January 40 call, 
+expiring in the next year. Note that this investor not only decided to hold the stock 
+for a long-term gain, but also decided to try for more potential profits: He rolled the 
+call up to a higher striking price. This lets the holding period continue. An in-the­
+money write would have suspended it. 
+DELIVERING .,.,NEW" STOCK TO AVOID A LARGE LONG· TERM GAIN 
+Some covered call writers may not want to deliver the stock that they are using to 
+cover the written call, if that call is assigned. For example, if a covered writer were 
+writing against stock that had an extremely low cost basis, he might not be willing to 
+take the tax consequences of selling that particular stock holding. Thus, the writer of 
+a call that is assigned may sometimes wish to buy stock in the open market to deliv­
+er against his assignment, rather than deliver the stock he already owns. Recall that 
+it is completely in accordance with the Options Clearing Corporation rules for a call 
+writer to buy stock in the open market to deliver against an assignment. For tax pur­
+poses, the confirmation that the investor receives from his broker for the sale of the 
+stock via assignment should clearly specify which particular shares of stock are being 
+sold. This is usually accomplished by having the confirmation read "Versus Purchase" 
+and listing the purchase date of the stock being sold. This is done to clearly identify 
+that the "new" stock, and not the older long-term stock, is being delivered against the 
+assignment. The investor must give these instructions to his broker, so that the 
+brokerage firm puts the proper notation on the confirmation itself. If the investor 
+realizes that his stock might be in danger of being called away and he wants to avail 
+himself of this procedure, he should discuss it with his broker beforehand, so that the 
+proper procedures can be enacted when the stock is actually called away. 
+Example: An investor owns 100 shares ofXYZ and his cost basis, after multiple stock 
+splits and stock dividends over the years, is $2 per share. With XYZ at 50, this investor 
+decides to sell an XYZ July 50 call for 5 points to bring in some income to his port­
+folio. Subsequently, the call is assigned, but the investor does not want to deliver his 
+XYZ, which he owns at a cost basis of $2 per share, because he would have to pay cap­
+ital gains on a large profit. He may go into the open market and buy another 100 
+shares of XYZ at its current market price for delivery against the assignment notice.