@MitchJi, to make it really simple, i would like to deleverage my TSLA position somewhat through selling my Jan 2018 LEAPs given i) the significant increase in share price, ii) the potential risk of delays/issues with model 3 production having a material impact on the share price at a time when i would not be in a position to hold out given the looming Jan 2018 option expiration date and iv) the current volatile political environment. However, i have held my Jan 2018 LEAPs for less than a year, and so what i am trying to do is to lock in my gains at today's price while allowing myself to receive capital gains treatment. I have explained above how this is possible and why the trade I have proposed would essentially put me in the same position as if I were to sell the Jan 2018 LEAPs after they reach one year.
As others have noted in the market action thread, TSLA has historically been extremely volatile; this strategy has the added benefit of allowing me to close the short side of the sale for a profit if the stock does drop meaningfully and allowing my Jan 2018 LEAPs to go naked if I decide that is the best decision. In any event, one likely outcome is that I will buy Jan 2019 LEAPs with the proceeds of the transaction to stay long but with additional time to ride the ups and down.
Hope this helps you understand my rationale.
surfside
EDIT to add after re-reading your question -- I'm not trying avoid paying taxes entirely (that should be fairly obvious -- gonna have to pay taxes regardless) -- just trying to pay long term capital gains instead of ordinary income; selling these calls will put me in the same position as selling my LEAPs today, but give the benefit of getting long term capital gains (when I close both positions after my long position has reached on year; any gains/losses between now and then on the calls i just sold will be offset by equivalent losses/gains on the calls i already hold).