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
Fund withdrawals are normally treated as coming from the oldest money first, called FIFO. Two kinds of withdrawals instead use newest-money-first, called LIFO: certain research and design withdrawals, and amounts treated as nonqualified withdrawals under section 53510(d).
(a) FIFO. Except as (b) says, an amount withdrawn from an account is treated as withdrawn first-in-first-out — meaning the oldest money in the account is treated as withdrawn first.
(b) LIFO. An amount is instead treated as withdrawn last-in-first-out — the newest money withdrawn first — if it is: (1) a nonqualified withdrawal for research, development, and design costs related to new or advanced vessel* design, machinery, or equipment; or (2) an amount treated as a nonqualified withdrawal under section 53510(d).
Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.
An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is—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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