Covered Calls and the Wash Sale Rule

If I were to buy SPY and sell a deep-in-the-money call against it each and every month, and each and every month it got called away, and I bought it again and sold a call again, month after month, what are the tax inplications, especially as concerns the wash sale rule on the underlying SPY ETF?

Thank You.  
Hello Cedric,  
In the situation you describe, you have a short-term capital gain every month.  Your 'cost' is the price you paid, less option premium collected.  Your sale price is the strike price.  And don't forget to adjust each for commissions.  
I am not certain, but do not believe that the wash sale rule applies here because you are generating a small gain each month, and it seems to me (no tax expert) that the wash sale rule only applies when you try to avoid a taxable event.  
Best regards,  

Mark D. Wolfinger
Create Your Own Hedge Fund: Increase Profits and Reduce Risk with ETFs & Options