Income from Real Property Sample Clauses

Income from Real Property. 1. Income from real property may be taxed in the Contracting State in which the real property is situated.
AutoNDA by SimpleDocs
Income from Real Property. 1. Income derived by a resident of a Contracting State from real property situated in the other Contracting State may be taxed in that other State.
Income from Real Property. 1. Income derived by a resident of a Contracting State from real property, including income from an agricultural, pastoral or forestry property situated in Finland, may be taxed in the Contracting State in which the real property is situated.
Income from Real Property. (1) Income from real property, including royalties and other payments in respect of the exploitation of natural resources and gains derived from the alienation of such property or of the right giving rise to such royalties or other payments, may be taxed by the Contracting State in which such real property or natural resources are situated. For purposes of this Convention, interest on indebtedness secured by real property or secured by a right giving rise to royalties or other payments in respect of the exploitation of natural resources shall not be regarded as income from real property.
Income from Real Property. (IMMOVABLE PROPERTY)
Income from Real Property. (Immovable Property)
Income from Real Property. Borrower shall first apply all income derived from the Project Assets, including all income from leases of the Real Property, to pay costs and expenses associated with the ownership, maintenance, operation and marketing of the Project Assets, including all amounts then required to be paid under the Loan Documents then due and payable before using or applying such income for any other purpose. No such income shall be distributed to any partner or shareholder of Borrower unless all such costs and expenses which are then due and payable have been paid in full.
AutoNDA by SimpleDocs
Income from Real Property. 1. Income from real property may be taxed in the Contracting State in which the real property is situated. 66 International Tax Agreements Act 1953 Republic of China for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income Schedule 28 2. In this Article, the term “real property”:
Income from Real Property. (IMMOVABLE PROPERTY) Paragraph 1 of Article 6 provides that income from real property, including income from agriculture and forestry, may be taxed by the Contracting State in which the property is situated. The term “real property” is intended to be synonymous with the term “immovable property” and is defined in paragraph 2. The right to tax in the state of state of the property (source state), is not exclusive; the rule simply confers upon the source state the primary right to tax such income regardless of whether the income is derived through a permanent establishment in that State. Therefore, it not necessary for the United States to invoke the saving clause of paragraph 3 of Article 1 (General Scope) to tax income from Spanish real property owned by a U.S. resident or citizen. The Convention does not limit the amount of tax imposed by a Contracting State on real property income. Income derived from real property includes income from rights such as an overriding royalty or a net profits interest in a natural resource. Paragraph 2 defines real property as having the meaning it has under the laws of the Contracting State in which the property is situated. Following the OECD Model Double Taxation Convention, two explanatory sentences are provided in paragraph 2. The second explanatory sentence specifically provides that ships, aircraft, and containers used in international traffic are not real property. However, the second sentence is not intended to imply that containers not used in international traffic are real property - such a determination is to be made by reference to the domestic law of the State in which the container is used. Paragraph 3 provides that the rule in paragraph 1 applies irrespective of the form of exploitation of the real property, that is, it does not matter whether the income is derived from the direct use, leasing, or any other use of the real property. Paragraph 4 makes it clear that income from real property (paragraph 1) and income from the rental of real property (paragraph 3) are taxable in the state of situs of the property, irrespective of the existence of a permanent establishment or fixed base to which the property could be attributed. This does not prevent income from real property derived through a permanent establishment from being treated as business income of an enterprise; it merely insures that income from real property will be taxable in the state of situs, even when such property is not part of a permanent estab...
Income from Real Property. See treaty text The general rule is that income derived by a resident of a Contracting State from real property in the other State may be taxed in that other State. Thus, for instance, if a resident of one State owns a building in the other State and receives rent, that rent may be taxable in the other State. Note that agricultural, pastoral or forestry property is covered by Article 5 and therefore taxable as a permanent establishment. Domestic law Denmark Under Danish domestic law, profits from sale of real estate specifically comprises capital gains under the Danish Capital Gains on Property Tax Act (ejendomsavancebeskatningsloven) and recaptured tax depreciation under the Danish Tax Depreciation Act. Danish tax law generally provides for possibility of deducting financing costs on real estate/property under the same circumstances in income and profit thereon as Danish owners of property/real estate. However, in administrative practise it has been determined that for tax purposes it is only possible to allocate financing costs corresponding to debt financing of 80 percent of the value of the real estate to the Danish real estate for Danish tax purposes. Further, foreign currency exchange gains and losses on real estate financing are not deemed to be allocable to the Danish real estate for Danish tax purposes. When Denmark is the source state, which it is when the immovable property is located in Denmark, there is legal basis in national tax law for taxing operating profits relating to the property in the Danish Tax at Source Act (kildeskatteloven), sections 1, (1), (5) and in the XXXX xxxxxxx 0, (0), (x). Since the Convention does not cover wealth taxes, property value tax (ejendomsværdiskat), which is considered a partial wealth tax, is not within the scope of the Convention.
Time is Money Join Law Insider Premium to draft better contracts faster.