Taxation of immovable property income: income from property may be taxed in the State where the property is situated. Income from immovable property may be taxed in the State where the property is situated. Immovable property includes accessories, livestock and equipment used in agriculture and forestry, rights subject to landed property law, usufruct, and payments for working or rights to work mineral deposits and other natural resources; ships and aircraft are excluded. The rule covers direct use, letting or other use, and applies to enterprise property income and property used for independent personal services. The definition is governed by the law of the State where the property is located.