Statute · United States Code
46 U.S.C. § 53512 — FIFO and LIFO withdrawals
46 U.S.C. § 53512
- Type
- Statute
- Source
- United States Code
- Jurisdiction
- Federal
- Date
- 2025-01-06
- Topic
- bankruptcy
(a) FIFO.—Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis. (b) LIFO.—An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is— (1) a nonqualified withdrawal for research, development, and design expenses incident to new and advanced vessel design,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.
Citator
46 U.S.C. § 53512 — FIFO and LIFO withdrawals is in force in the current edition of the Code, and nothing recorded condemns it.
(a) FIFO.—Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis. (b) LIFO.—An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is— (1) a nonqualified withdrawal for research, development, and design expenses incident to new and advanced vessel design,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.