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

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Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.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An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is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

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