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training_data/relevant/text/bbcf62db3f5ab141dd2d7f260d3aa1bc2f8373c451f4adb9d6a67c4516f5e6cd.txt

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+Chapter 41: Taxes 
+TABLE 41-3. 
+Tax treatment of trades. 
+Short-term capital items: 
+July 35 call: Net proceeds ($200 - $25) 
+Net cost {expired worthless) 
+Short-term capital gain 
+October 35 call: Net proceeds ($300 - $25) 
+Net cost ($600 + $25) 
+Short-term capital loss 
+919 
+$175 
+0 
+$175 
+$275 
+- 625 
+($350) 
+Long-term capital item: 
+100 shares XYZ: Purchased January 2 of one year and sold at January 
+expiration of the following year. Therefore, held for 
+more than one year, qualifying for long-term treatment. 
+Net sale proceeds of stock {assigned call): 
+January 40 call sale proceeds 
+($400 - $25) 
+Sold 1 00 XYZ at 40 strike 
+{$4,000 $75) 
+Net cost of stock (January 2 trade): 
+Bought 100 at 32 {$3,200 + $75) 
+Long-term capital gain 
+$375 
++ 3,925 
+$4,300 
+- 3,275 
+$1,025 
+This example demonstrates an important tax consequence for the covered call 
+writer: His optimum scenario tax-wise is a rising market, for he may be able to 
+achieve a long-term gain on the underlying stock if he holds it for at least one year, 
+while simultaneously subtracting short-term losses from written calls that were 
+closed out at higher prices. Unfortunately, in a declining market, the opposite result 
+could occur: short-term option gains coupled with the possibility of a long-term loss 
+on the underlying stock. There are ways to avoid long-term stock losses, such as buy­
+ing a put ( discussed later in the chapter) or going short against the box before the 
+stock becomes long-term. However, these maneuvers would interrupt the covered 
+writing strategy, which may not be a wise tactic. 
+In summary, then, the covered call writer who finds himself with an in-the­
+money call written and expiration date drawing near may have several alternatives 
+open to him. If the stock is not yet held long-term, he might elect to buy back the 
+written call and to write another call whose expiration date is beyond the date 
+required for a long-term holding period on the stock. This is apparently what the 
+hypothetical investor in the preceding example did with his October 35 call. Since