The issue is solved. The NIC was erroneously placed into a 2.5Gb x4 PCI slot. Moving it to 5Gb x8 PCI slot solved the issue.
I believe Greg R. answered your questions as fully as we could. Issues such as this have historically always been in the BIOS.
Your motherboard seems to be listed as being for a Workstation rather than a Server, it is possible that your BIOS does not support SR-IOV. Perhaps somebody from the Workstation motherboard team will see this and reply to the thread.