![The Problem Addressed by the TIME-WAIT State](https://www.schrankmonster.de/wp-content/uploads/2014/05/fig1.gif)
The purpose of TIME-WAIT is to prevent delayed packets from one connection being accepted by a later connection. Concurrent connections are isolated by other mechanisms, primarily by addresses, ports, and sequence numbers
Source: http://www.isi.edu/touch/pubs/infocomm99/infocomm99-web/