46 U.S.C. § 53512

(a) FIFO .— Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis. (b) LIFO .— An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is— (1) a nonqualified withdrawal for research, development, and design expenses incident to new and advanced vessel design,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 .