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46 U.S.C. § 53512 - U.S. Code - Unannotated Title 46. Shipping § 53512. FIFO and LIFO withdrawals

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) FIFO.--Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.

(b) LIFO.--An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is--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

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Cite this article: FindLaw.com - 46 U.S.C. § 53512 - U.S. Code - Unannotated Title 46. Shipping § 53512. FIFO and LIFO withdrawals - last updated January 01, 2024 | https://codes.findlaw.com/us/title-46-shipping/46-usc-sect-53512/

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