Highlights of Ronald Reagan's 1979 tax return:

It is a joint return, filed with his wife, Nancy. Reagan lists his occupation as "private business"; Nancy Reagan lists hers as "none." The 69-year-old Reagan receives an extra personal exemption because he is over 65.

Reagan earned $515,878 and paid federal income taxes of $230,146. He had gross income of $465,710 and net income of $298,977 from his speeches, radio broadcasts and newspaper columns.

Reagan's financial affairs are operated by the Ronald Reagan Trust, which last year sold all of his stock except for 3,000 shares of Cowles Communications stock. The proceeds, nearly $1 million, were put into high-interest-bearing savings accounts, his attorney said.

The farming operation at Reagan's 688-acre ranch north of Santa Barbara qualifies Reagan for a tax break on the land but is not profitable itself. Reagan grazes 14 steers on the land. The expenses include $367 for horseshoeing, a frequent necessity on the steep terrain.

Reagan listed $4,108 in charitable contributions -- less than 1 percent of his income.

Reagan and his wife elected not to contribute $1 each from their return to the presidential election campaign fund, which this year is providing $29.4 million to his general election campaign fund.