46 U.S.C. § 53512 — FIFO and LIFO withdrawals

FEDERAL · 46 U.S.C. · Chapter 535

FIFO and LIFO withdrawals

Current through Pub. L. 119-102

Title 46 — Shipping·Ch. 535 — CAPITAL CONSTRUCTION FUNDS

(a)FIFO.—Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.

(b)LIFO.—An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is—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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(a) FIFO.—Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.
(b) LIFO.—An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is—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 (FIFO and LIFO withdrawals) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

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

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History