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of <h1>Income from International Aircraft Operations Taxable Only in Home State; Ship Operations Tax Reduced by 50% in Other State.</h1> Income or profits from the operation of aircraft in international traffic by an enterprise of a Contracting State are taxable only in that State. Profits from ship operations in international traffic may be taxed in the other Contracting State, but the tax is reduced by 50%. 'Operation of ships or aircraft' includes transportation of persons, mail, livestock, or goods, incidental leasing, container use, and related activities. Interest on funds for ship or aircraft operations is considered income from such operations. These provisions also apply to income from participation in pools, joint businesses, or international operating agencies.
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