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Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.
Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.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An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is
An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is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