Taxation of immovable property permits source-state taxation of income from property situated there, including agricultural and resource rights.

Income from immovable property derived by a resident may be taxed in the State where the property is situated; immovable property is defined by the law of that State and includes accessories, livestock and equipment for agriculture and forestry, usufruct, and rights to payments for working mineral deposits, while ships, boats and aircraft are excluded. The rule applies to direct use, letting or other use and extends to enterprises and to immovable property used for independent personal services.

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