This is from CFAI material question 21, pg 274

summary: securities worth 50,000. cost basis 75000. tax rate 30%.

therefore tax savings in the current year is 7500.

in the next question they say that Mr D sells securities in the current tax year and replaces them with identical securities. He will then sell the new securities in the next year. therefore the total tax savings assuming he does not reinvest the tax savings is zero. How is it zero? dint he save 7500 in the 1st year?