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of <h1>Income from Immovable Property Taxed in State Where Property is Located; Excludes Ships, Boats, Aircraft.</h1> Income from immovable property owned by a resident of one Contracting State and situated in the other Contracting State may be taxed in the latter. 'Immovable property' is defined by the laws of the State where the property is located, including property accessories, agricultural and forestry equipment, and rights related to land. This definition excludes ships, boats, and aircraft. The taxation applies to income from direct use, leasing, or other forms of utilization of such property, including income from enterprises and independent personal services involving immovable property.
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