A bill to repeal the provisions of the Tax Reform Act of 1986 which require partnerships, S corporations, and personal service corporations to adopt certain taxable years.

Amends the Tax Reform Act of 1986 to repeal provisions which require the adoption of certain taxable years by: (1) partnerships; (2) S corporations; and (3) personal service corporations.

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