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2016 US Code
Title 46 - Shipping
Subtitle V - Merchant Marine
Part C - Financial Assistance Programs
Chapter 535 - Capital Construction Funds
Sec. 53512 - FIFO and LIFO withdrawals

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Citation 46 U.S.C. § 53512 (2016)
Section Name §53512. FIFO and LIFO withdrawals
Section Text

(a) FIFO.—Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.

(b) LIFO.—An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is—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.
Source Credit

(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1599.)
Editorial Notes
Historical and Revision Notes
Revised

Section

Source (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.
Publication Title United States Code, 2012 Edition, Supplement 4, Title 46 - SHIPPING
Category Bills and Statutes
Collection United States Code
SuDoc Class Number Y 1.2/5:
Contained Within Title 46 - SHIPPING
Subtitle V - Merchant Marine
Part C - Financial Assistance Programs
CHAPTER 535 - CAPITAL CONSTRUCTION FUNDS
Sec. 53512 - FIFO and LIFO withdrawals
Contains section 53512
Date 2016
Laws In Effect As Of Date January 6, 2017
Positive Law Yes
Disposition standard
Statutes at Large References 49 Stat. 2005
52 Stat. 960
53 Stat. 1185
66 Stat. 764
72 Stat. 216
74 Stat. 216
75 Stat. 91, 570
84 Stat. 1030
120 Stat. 1599
Public Law References Public Law 85-637, Public Law 86-518, Public Law 87-45, Public Law 87-271, Public Law 91-469, Public Law 109-304
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