{"identifier":"/us/usc/t46/s53512","title":46,"num":"\u00a7\u202f53512.","heading":"FIFO and LIFO withdrawals","text":"\u00a7\u202f53512.\nFIFO and LIFO withdrawals\n(a)\nFIFO.\u2014\nExcept as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.\n(b)\nLIFO.\u2014\nAn amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is\u2014\n(1) a nonqualified withdrawal for research, development, and design expenses incident to new and advanced vessel design, machinery, and equipment; or\n(2) an amount treated as a nonqualified withdrawal under\nsection 53510(d) of this title","url":"https://projectusc.org/usc/t46/s53512.html","content":[{"t":"sec","id":"/us/usc/t46/s53512","children":[{"t":"num","text":"\u00a7\u202f53512."},{"t":"heading","text":"FIFO and LIFO withdrawals"},{"t":"subsec","id":"/us/usc/t46/s53512/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"FIFO.\u2014"},{"t":"content","text":"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as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out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.","tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t46/s53512/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"LIFO.\u2014"},{"t":"chapeau","text":"An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is\u2014"},{"t":"para","id":"/us/usc/t46/s53512/b/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" a nonqualified withdrawal for research, development, and design expenses incident to new and advanced vessel design, machinery, and equipment; or","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t46/s53512/b/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" an amount treated as a nonqualified withdrawal under ","children":[{"t":"ref","text":"section 53510(d) of this title","href":"/us/usc/t46/s53510/d","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}