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But this rule seems to also be saying that you can't deduct a loss if you buy ABC and then sell it at a loss within 30 days, even if you don't buy it back. Am I reading that correctly?

They are preventing someone from buying replacement shares for a stock, and then 2 days later selling the original shares to claim the loss.
(or 1 day later or 30 days later)

As someone else posted, if you have sold all of a particular stock, and don't buy anything more for 30 days then you're done - there's no replacement shares to apply the wash sale rule to.

The IRS pub 550 says:
"This adjustment postpones the loss deduction until the disposition of the new stock or securities. "
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