46 U.S.C. § 53512

Current through P.L. 118-78 (published on www.congress.gov on 07/30/2024)

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(a) FIFO.-Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.

(b) LIFO.-An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is-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

46 U.S.C. § 53512

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

HISTORICAL AND REVISION NOTES
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
53512	46 App.:1177(h)(2) (last sentence).	June 29, 1936, ch. 858, title VI, §607(h)(2) (last sentence), 49 Stat. 2005; June 23, 1938, ch. 600, §§23-28, 52 Stat. 960; Aug. 4, 1939, ch. 417, §10, 53 Stat. 1185; July 17, 1952, ch. 939, §§17-19, 66 Stat. 764; Pub. L. 85-637, Aug. 14, 1958, 72 Stat. 216; Pub. L. 86-518, §1, June 12, 1960, 74 Stat. 216; Pub. L. 87-45, §6, May 27, 1961, 75 Stat. 91; Pub. L. 87-271, Sept. 21, 1961, 75 Stat. 570; restated Pub. L. 91-469, §21(a), Oct. 21, 1970, 84 Stat. 1030.