Footnote 1: Receiverships are failed financial institutions for which the FDIC has been appointed as receiver to manage the liquidation (asset sales, loan servicing, claims resolution, etc.) of the institution’s remaining assets.
Footnote 2: The delegation of authority to the Director, Division of Resolutions and Receiverships, is limited to assets with a book value of $25 million or less. B-25 is the delegated authority provision for write-offs—either non-discretionary (B-25a) or discretionary (B-25b).
Footnote 3: A Department of Defense, Office of Inspector General, report entitled, Department of Defense Compliance with Federal Tax Reporting Requirements (Report No. 95-234), dated June 14, 1995, states that when IRS Forms 1099 are not filed, recipients report only about 28.8 percent of the income on their tax returns. Therefore, based on our sample alone, as much as $22 million of the $31 million may not have been reported by debtors on their tax returns.
Footnote 4: A “control total” represents the total book value attributed to one or more individual assets that have been aggregated for reporting purposes.
