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URL:  https://boards.fool.com/quotassuming-your-options-expire-worthless-you-10439934.aspx

Subject:  Re: Covered Calls & Taxes Date:  12/1/1998  9:37 AM
Author:  ronnieh Number:  6614 of 129584

"Assuming your options expire worthless - you take the money and keep the stock - you will have short term capital gain(ordinary income) reported to you. Put it on Sch D..."

Does the same situation hold true if your underlying securities get called? I guess what I am asking is, does the IRS consider selling covered calls as it does any other security and that I am not required to adjust my cost basis for the underlying security?

Thanks.
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