United States Code
USC most recently checked for updates: Jun 09, 2025
§ 53512.
FIFO and LIFO withdrawals
(a)
Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.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)
An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is—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.
cite as: 46 USC 53512
