Capital gains taxation: situs-based rules allow source state taxation for immovable property and certain business assets. Capital gains from immovable property are taxable in the State where the property is situated. Gains from movable property of a permanent establishment or fixed base may be taxed in the State where that permanent establishment or fixed base is located, including alienation of the establishment or base. Ships and aircraft used in international traffic and related movable property are taxable only in the alienator's State of residence. Gains from shares principally derived from immovable property may be taxed where the immovable property lies; other share gains and gains from other property are taxable only in the State of residence of the alienator.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Capital gains taxation: situs-based rules allow source state taxation for immovable property and certain business assets.
Capital gains from immovable property are taxable in the State where the property is situated. Gains from movable property of a permanent establishment or fixed base may be taxed in the State where that permanent establishment or fixed base is located, including alienation of the establishment or base. Ships and aircraft used in international traffic and related movable property are taxable only in the alienator's State of residence. Gains from shares principally derived from immovable property may be taxed where the immovable property lies; other share gains and gains from other property are taxable only in the State of residence of the alienator.
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