§ 53512. FIFO and LIFO withdrawals

• (a) Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.
• (b) An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is—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