46 USC 53512: FIFO and LIFO withdrawals
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46 USC 53512: FIFO and LIFO withdrawals Text contains those laws in effect on November 22, 2024
From Title 46-SHIPPINGSubtitle V-Merchant MarinePart C-Financial Assistance ProgramsCHAPTER 535-CAPITAL CONSTRUCTION FUNDS
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§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(a) FIFO.-Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.

(b) LIFO.-An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is-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

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 .