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+916 Part VI: Measuring and Trading Volatllity 
+Thus, this covered writer has a net gain of $1,125 and it is a long-term gain because 
+the stock was held for more than one year (from September 1st of the year in which 
+he bought it, to October expiration of the next year, when the stock was called away). 
+Note that in a similar situation in which the stock had been held for less than 
+one year before being called away, the gain would be short-term. 
+Let us now look at the other two rules. They are related in that their differen­
+tiation relies on the definition of "too deeply in-the-money." They come into play 
+only if the stock was not already held long-term when the call was written. If the writ­
+ten call is too deeply in-the-money, it can eliminate the holding period of short-term 
+stock. Otherwise, it can suspend it. If the call is in-the-money, but not too deeply in­
+the-money, it is referred to as a qualified covered call. There are several rules regard­
+ing the determination of whether an in-the-money call is qualified or not. Before 
+actually getting to that definition, which is complicated, let us look at two examples 
+to show the effect of the call being qualified or not qualified. 
+Example: Qualified Covered Write: On March 1st, an investor buys 100 XYZ at 35. 
+He holds the stock for 3% months, and, on July 15th, the stock has risen to 43. This 
+time he sells an in-the-money call, the October 40 call for 6. By October expiration, 
+the stock has declined and the call expires worthless. 
+He would now have the following situation: a $575 short-term gain from the 
+sale of the call, plus he is long 100 XYZ with a holding period of only 3% months. 
+Thus, the sale of the October call suspended his holding period, but did not elimi­
+nate it. 
+He could now hold the stock for another 8½ months and then sell it as a long­
+term item. 
+If the stock in this example had stayed above 40 and been called away, the net 
+result would have been that the option proceeds would have been added to the stock 
+sale price as in previous examples, and the entire net gain would have been short­
+term due to the fact that the writing of the qualified covered call had suspended the 
+holding period of the stock at 3½ months. 
+That example was one of writing a call which was not too deeply in-the-money. 
+If, however, one writes a call on stock that is not yet held long-term and the call is too 
+deeply in-the-money, then the holding period of the stock is eliminated. That is, if the 
+call is subsequently bought back or expires worthless, the stock must then be held for 
+another year in order to qualify as a long-term investment. This rule can work to an 
+investor's advantage. If one buys stock and it goes down and he is in jeopardy of hav­
+ing a long-term loss, but he really does not want to sell the stock, he can sell a call