Income from real property may be taxed in the state where the property is situated; net-basis election available.

Article 6 permits the State where immovable property is located to tax income from that property, defines real property by the law of the situs (including accessories, agricultural assets, usufruct and mineral working rights but excluding ships and aircraft), applies to direct use, letting or other use and to enterprise property income, and allows a resident taxable in the source State to elect net taxation as if the income were business profits attributable to a permanent establishment, an election binding until terminated by the competent authority.

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