The amount of the disallowed loss became part of the cost basis of the repurchased shares. That increase in the cost basis of the repurchased shares above the repurchase price will reduce the taxable amount when you sell the shares.
For example if you sold XYZ at a loss and you repurchased XYZ at the same price within 30 days of the sale, you would not be able to claim the loss but also your cost basis would remain unchanged, as if you never sold the shares.
