问题如下：
Jose DiCenzo has some securities worth €50,000 that have a cost basis of €75,000. If he sells the securities in the current tax year and replaces them with securities having the same returns. He will then sell the new securities in the next tax year. Assuming capital gains are taxed at 30 percent, what is the total tax savings assuming DiCenzo does not reinvest the tax savings?
选项：
A.€0.
B.€7,500.
C.€15,000.
解释：
A is correct.
Assuming DiCenzo does not reinvest the tax savings, tax loss harvesting does not reduce the total tax paid over time. It only defers taxes because recognizing the loss resets the cost basis to a lower figure which will ultimately increase the gain realized late by the same amount. Tax loss harvest can augment return by postponing tax liabilities. Reinvesting the current year’s tax savings increases the after-tax principal investment, which can augment the value of tax loss harvesting further.
老师：
从答案来看，现在卖掉亏损的证券，再买入收益跟亏损相等的证券，来年卖掉。因此相当于今年省下的税明年交，整体来看在不考虑再投资收益的前提下，这样并没有节税，只是晚交了税。是这意思吗？
可我纠结的是：在现在这个时点，怎么做到replaces them with securities having the same returns？哪有证券买过来就有收益的？
还是就理解成，明年我把现有投资组合中，有同等收益的证券卖掉？
