46 U.S. Code § 53308 - Order and proportions of deposits and withdrawals

In this chapter—
(1) if the net proceeds of a sale or the net indemnity for a loss is deposited in more than one deposit, the amount consisting of the gain shall be deemed to be deposited first;
(2) amounts expended, obligated, or otherwise withdrawn shall be applied against the amounts deposited in the fund in the order of deposit; and
(3) if a deposit consists in part of a gain not recognized under section 53306 of this title, any expenditure, obligation, or withdrawal applied against that deposit shall be deemed to be a gain in the proportion that the part of the deposit consisting of a gain bears to the total amount of the deposit.

Source

(Pub. L. 109–304, § 8(c),Oct. 6, 2006, 120 Stat. 1589.)

Historical and Revision Notes
Revised Section Source (U.S. Code) Source (Statutes at Large)
53308
46 App.:1161(e).
June 29, 1936, ch. 858, title V, § 511(e), as added Oct. 10, 1940, ch. 849, 54 Stat. 1107.

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