A bill to amend the Internal Revenue Code of 1954 to allow taxpayers to disregard certain retroactive administrative and judicial interpretations of such Code.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that certain retroactive administrative or judicial interpretations of the Internal Revenue Code may be disregarded if a taxpayer's treatment of any tax item has a reasonable basis in law as of the date such item is taken into account.…