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46 U.S.C. § 53512

FIFO and LIFO withdrawals

Ch. 535 — CAPITAL CONSTRUCTION FUNDS
Title 46 U.S.C. ● ACTIVE Primary Source Ch. 535
Statutory Text

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

U.S.C. Title 46 - SHIPPING 46 U.S.C. United States Code, 2023 Edition Title 46 - SHIPPING Subtitle V - Merchant Marine Part C - Financial Assistance Programs CHAPTER 535 - CAPITAL CONSTRUCTION FUNDS Sec. 53512 - FIFO and LIFO withdrawals From the U.S. Government Publishing Office, www.gpo.gov

§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(a) FIFO.—Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis. (b) LIFO.—An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is— (1) a nonqualified withdrawal for research, development, and design expenses incident to new and advanced vessel design,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.

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

Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large)

53512 46 App.:1177(h)(2) (last sentence). June 29, 1936, ch. 858, title VI, §607(h)(2) (last sentence), 49 Stat. 2005; June 23, 1938, ch. 600, §§23–28, 52 Stat. 960; Aug. 4, 1939, ch. 417, §10, 53 Stat. 1185; July 17, 1952, ch. 939, §§17–19, 66 Stat. 764; Pub. L. 85–637, Aug. 14, 1958, 72 Stat. 216; Pub. L. 86–518, §1, June 12, 1960, 74 Stat. 216; Pub. L. 87–45, §6, May 27, 1961, 75 Stat. 91; Pub. L. 87–271, Sept. 21, 1961, 75 Stat. 570; restated Pub. L. 91–469, §21(a), Oct. 21, 1970, 84 Stat. 1030.

Source: uscode.house.gov — public domain Official Source ↗
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46 U.S.C. § 53512
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The statutory text of 46 U.S.C. § 53512 is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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Ch. 535 — CAPITAL CONSTRUCTION FUNDS
46 U.S.C. § 5350146 U.S.C. § 5350246 U.S.C. § 5350346 U.S.C. § 5350446 U.S.C. § 5350546 U.S.C. § 5350646 U.S.C. § 5350746 U.S.C. § 5350846 U.S.C. § 5350946 U.S.C. § 5351046 U.S.C. § 5351146 U.S.C. § 5351246 U.S.C. § 5351346 U.S.C. § 5351446 U.S.C. § 5351546 U.S.C. § 5351646 U.S.C. § 53517
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