An act to amend the Internal Revenue Code of 1954 with respect to the determination of second tier taxes, and for other purposes.

[AI summary unavailable — showing source text] Chapter 42 Second Tier Tax Correction Act of 1979 - Amends the Internal Revenue Code to eliminate the correction period, thus shortening the time for determining the amount of second tier taxes payable for failure to correct specified prohibited transactions, discountenanced conditions, or other taxable events, or for failure to meet minimum standards, with respect to certain private tax-exempt foundations, black-lung benefit trusts, and qualified pension plans. Requires nonassessment of, abatement of any assessed, or refund or crediting of any collected second tier taxes if any such specified taxable event is corrected during the prescribed period. Provides for a supplemental court proceeding to determine whether a taxable event was so corrected, if any court determination of second tier tax liability has become final. Requires suspension of any levy or proceeding in court for collection of the second tier tax, if within 90 days after its assessment the first tier tax is paid in full and a claim for refund of the amount so paid is filed. Suspends the running of the statute of limitations for the period of such collection suspension. Ends such collection suspension period 90 days a…