I had stock called away (a call option that I sold was exercised), and bought stock the same day to "cover" it. Can I use the stock I bought as the shares called away for capital gains consideration? Yes, that makes it a short term transactions. I presume you hold long term shares which you don't want to sell, which is O.K.Can I notify my broker to select the shares I just bought as the ones I want delivered?Yes, you have to, otherwise the oldest shares you own (FIFO) are the ones sold. Supposedly you have to get his confirmation in writing to "adequately identify" the shares you sold. Good luck!!.