Subtitle F Revision Act of 1979

Subtitle F Revision Act of 1979 - Amends the Internal Revenue Code to provide for the payment of interest to an individual whose property is wrongfully seized by the Internal Revenue Service.

Repeals the requirement that an individual who transfers property with a fair market value in excess of $50,000 to a tax-exempt organization must file an informational return detailing such transaction.

Repeals provisions of the Internal Revenue Code which require tax-exempt private foundations with assets of $5,000 or more to make annual reports of their receipts and expenditures. Requires that information previously required by such annual reports be included in the foundation's annual tax return. Imposes the same reporting requirements on non-exempt charitable trusts and private foundations. Requires that such returns be opened to public inspection and imposes a fine for failure to do so. Permits private foundations to treat as confidential, and not to list on their tax returns, the name and address of any indigent or needy recipient of charitable gifts or grants amounting to $1,000 or less during the taxable year.

Repeals the additional 25 percent tax penalty for taxpayers who attempt to evade payment of taxes by removing their property from the country or concealing it.

Repeals provisions which require corporations to file informational returns with respect to stock options granted to their employees.

Conforms the due date for gift tax and income tax returns. Grants an automatic extension of time for filing gift tax returns when an extension for filing the donor's income tax return is granted.

Requires the disclosure of manufacturers' excise tax information to State tax officials.