A resolution concerning the Internal Revenue Code.

Expresses the sense of the Senate that: (1) changes in the Internal Revenue Code shall have a general effective date no earlier than their date of enactment; (2) transactions and investments undertaken prior to the enactment of comprehensive tax reform by the Congress shall continue to be treated under the existing Federal income tax law; and (3) appropriate transition rules shall be incorporated in all tax legislation to assure that transactions planned and entered into in reliance upon existing law shall not be subject to new and adverse provisions.