Reactance (by definition) is the imaginary part of the impedance "Z".
Z=R+jX
Where: Z is the impedance, R is the resistance j is √‾-1 and X is the reactance. the inductive part is already included in the Z part of the equation. Vector analysis will show you that the power loss is done at R and Z. No power loss can occur over an imaginary component.
There are different types of reactances, be it electrical, mechanical or acoustic. in all of them it relates to the imaginary part hence, no power loss.
Somehow I have the feeling that you are confused between reactance and inductance. They are NOT the same. Power loss CAN and WILL occur over an inductor. A pure inductor is theoretical, and in real life is getting close to be one only under very precise circumstances.
Although nice analogy, The water tank is a real part of the assembly as described by CNpower, and maybe a part of "C" or "R", and in no way is imaginary.
