46 USC 53512 - FIFO and LIFO withdrawals

U.S Code last checked for updates: Apr 27, 2024

§ 53512.

FIFO and LIFO withdrawals

(a)

FIFO.—

Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.

(b)

LIFO.—

An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is—

(1)

a nonqualified withdrawal for research, development, and design expenses incident to new and advanced vessel design, machinery, and equipment; or

(2)

an amount treated as a nonqualified withdrawal under section 53510(d) of this title.

(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1599.)

cite as: 46 USC 53512