The radio counterparts to the IRAS Redshift Survey galaxies are identified
in the NRAO VLA Sky Survey (NVSS) catalog. Our new catalog of the IR flux-l
imited (S-60 mum greater than or equal to 2 Jy) complete sample of 1809 gal
axies lists accurate radio positions, redshifts, and 1.4 GHz radio and IRAS
fluxes. This sample is 6 times larger in size and 5 times deeper in redshi
ft coverage (to z approximate to 0.15) than those used in earlier studies o
f the radio and far-IR (FIR) properties of galaxies in the local volume. Th
e well-known radio-FIR correlation is obeyed by the overwhelming majority (
greater than or equal to 98%) of the IR-selected galaxies, and the radio AG
Ns identified by their excess radio emission constitute only about 1% of th
e sample, independent of the IR luminosity. These FIR-selected galaxies can
account for the entire population of late-type field galaxies in the local
volume, and their radio continuum may be used directly to infer the extinc
tion-free star formation rate in most cases. Both the 1.4 GHz radio and 60
mum IR luminosity functions are reasonably well described by linear sums of
two Schechter functions, one representing normal, late-type field galaxies
and the other representing starbursts and other luminous IR galaxies. The
integrated FIR luminosity density for the local volume is (4.8 +/- 0.5) x 1
0(7) L-. Mpc(-3), less than 10% of which is contributed by the luminous IR
galaxies with L-FIR greater than or equal to 10(11) L-.. The inferred extin
ction-free star formation density for the local volume is 0.015 +/- 0.005 M
-. yr(-1) Mpc(-3).