FEDERAL · 46 U.S.C. · Chapter 535
FIFO and LIFO withdrawals
46 U.S.C. § 53512
Title46 — Shipping
Chapter535 — CAPITAL CONSTRUCTION FUNDS
This text of 46 U.S.C. § 53512 (FIFO and LIFO withdrawals) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
46 U.S.C. § 53512.
Text
(a)FIFO.—Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.
(b)LIFO.—An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is—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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Related
§ 53510
46 U.S.C. § 53510
Source Credit
History
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1599.)
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Bluebook (online)
46 U.S.C. § 53512, Counsel Stack Legal Research, https://law.counselstack.com/usc/46/53512.