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To: PAL who wrote (51207)	11/20/1999 3:45:00 PM
From: Labrador	Read Replies (1) \| Respond to of 152472

If you sell a covered call, and the stock is called away (since the option in the money), the premium received is additional sales proceeds, and it will be long- or short-term capital gain, depending on the holding period of the underlying stock. [Also recognize that if the option you sold was in the money - by a defined amount -- your holding period on the underlying stock stops running until the option position is closed or expired.] complicated stuff, especially if one is trying to maximize profits on an after-tax basis rather than on a pre-tax basis.