§ 53512. FIFO and LIFO withdrawals

95 words·~1 min read·/usc/title-46/section-53512

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(a)FIFO.— Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.

(b)LIFO.— An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is—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

(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1599.)

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U.S. Code

§ 53511
Tax treatment of nonqualified withdrawals

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U.S. Code

Tax treatment of qualified withdrawals and basis of property
§ 53510

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Pub. L. 109–304, § 8(c)
120 Stat. 1599

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§ 53512

FIFO and LIFO withdrawals

U.S.C.×1

U.S.C.§ 53510

Pub. L.Pub. L. 109–304, § 8(c)

Stat.120 Stat. 1599

Cites 3Cited by 1 across 1 source