§ 1150.10 What is the extent of the Chairperson's authority to compromise debts owed to the Endowment, or to suspend or terminate collection action on such debts?
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Title 45—Public Welfare > Subtitle B—Regulations Relating to Public Welfare > CHAPTER XI—NATIONAL FOUNDATION ON THE ARTS AND THE HUMANITIES > SUBCHAPTER B—NATIONAL ENDOWMENT FOR THE ARTS > PART 1150—COLLECTION OF CLAIMS > Subpart A—General Provisions
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(a) The Chairperson may exercise his or her authority to compromise, or to suspend or terminate collection action on, those debts owed to the Endowment and not exceeding $100,000, excluding interest, in conformity with the Federal Claims Collection Act of 1966, as amended; the Federal Claims Collection Standards issued thereunder; and this part, except where standards are established by other statutes or authorized regulations issued pursuant to them.
(b) The portion of a debt owed to the Endowment that is unrecovered as the result of a compromise shall be reported to the Internal Revenue Service (IRS) as income to the debtor.
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