46 U.S.C. § 53512 — FIFO and LIFO withdrawals
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 87 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.
An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is—
a nonqualified withdrawal for research, development, and design expenses incident to new and advanced vessel* design, machinery, and equipment; or
an amount treated as a nonqualified withdrawal under section 53510(d) of this title.
Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1599.)
- 2006Enacted · Pub. L. 109-304 · 120 Stat. 1599
A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-304 on 2006-10-06.
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