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<h1>Income from immovable property in another state may be taxed there; excludes ships, boats, aircraft.</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' is defined according to the laws of the state where the property is located and includes associated property, agricultural and forestry equipment, and rights related to land use. The taxation applies to income from direct use, leasing, or any other form of use of such property, including income from enterprises and independent personal services involving immovable property. Ships, boats, and aircraft are excluded from this definition.