Selling stock and buying calls
They are two separate transactions and each stands on its own*. You would have capital gains on the stock sale, and they would generate long term capital gains, taxable at 15% federal. State tax depends on where you live. The calls would generate short term gain or losses. Gains would be taxed at your marginal tax rate. Losses would offset your gains (first short term, and then long term). If the losses exceed your total short and long term gains, then you would be able to deduct $3,000 loss and any excess would carry over indefinitely to be used against future gains and each year you could deduct up to $3,000 of remaining losses.
*If you sell stock at a loss, then buy calls, the loss would likely be suspended under the wash sale rules. Given IDCCs current prices, I don't think that's relevent to most here.
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