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<h1>Article 24: Immovable property taxed where located; ships, aircraft taxed in owner's state; other capital taxed at home.</h1> Capital under Article 24 of the Double Tax Avoidance Agreement between Norway and another Contracting State is addressed as follows: Immovable property owned by a resident of one state but located in the other may be taxed in the latter. Movable property that is part of a business in the other state or used for independent services may also be taxed there. Ships, aircraft, and related movable property used in international traffic are taxable only in the state where the owner resides. All other capital elements of a resident are taxable only in their home state.