U.S. Code > Title 46 Shipping > Subtitle V—Merchant Marine (§§ 50101—58109) > Part C—Financial Assistance Programs (§§ 53101—54101) > CHAPTER 535—CAPITAL CONSTRUCTION FUNDS (§§ 53501—53517) > § 53512. FIFO and LIFO withdrawals

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(a) FIFO.— Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.
(b) LIFO.— An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is—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