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<h1>Income from Immovable Property in Another State May Be Taxed Locally, Excluding Ships, Boats, and Aircraft.</h1> Income derived by a resident of one Contracting State from immovable property located in the other Contracting State may be taxed in the latter. 'Immovable property' is defined according to the laws of the State where it is situated and includes property accessories, agricultural and forestry equipment, and rights associated with land, excluding ships, boats, and aircraft. The taxation applies to income from direct use, leasing, or other uses of such property, and extends to income from immovable property owned by enterprises or used for independent personal services.