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of <h1>Income from immovable property in another state may be taxed there; includes agriculture and forestry, excludes ships.</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' includes property as defined by the law of the state where it is situated, encompassing agriculture, forestry, and related rights, but excluding ships, boats, and aircraft. This provision applies to income from direct use, leasing, or other forms of use of immovable property, and extends to income from immovable property owned by enterprises and used for independent personal services.
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