A bill to repeal the provisions of the Tax Reform Act of 1986 which require certain entities to adopt certain taxable years.

Amends the Tax Reform Act of 1986 to repeal provisions revising the taxable years of: (1) partnerships; (2) S corporations; (3) personal service corporations; and (4) trusts.

States that the Internal Revenue Code shall be applied and administered as if such provisions had not been enacted.