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- 1. Gains derived from the alienation of immovable property referred to in Article 6 and situated in a Contracting State may be taxed in that State.
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- 2. Gains derived from the alienation of:
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- (a) shares, other than those regularly traded on an approved Stock Exchange, or rights deriving their value or the greater part of their value directly or indirectly from immovable property referred to in Article 6 and situated in a Contracting State; or
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- (b) an interest in a partnership or trust the assets of which consist principally of immovable property referred to in Article 6 and situated in a Contracting State, or of shares or rights referred to in sub-paragraph (a) of this paragraph;
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- may be taxed in the State in which the immovable property is situated.
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- 3. Gains from the alienation of movable property forming part of the business property of a permanent establishment which an enterprise of a Contracting State has in the other Contracting State, including such gains from the alienation of such a permanent establishment (alone or together with the whole enterprise), may be taxed in the other State.
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- 4. Gains derived by a resident of a Contracting State from the alienation of ships, aircraft or railway vehicles operated in international traffic by that resident and gains derived by that resident from the alienation of movable property pertaining to the operation of such ships, aircraft or railway vehicles shall be taxable only in that State.
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- 5. Gains from the alienation of any property other than that referred to in paragraphs 1, 2, 3 and 4 shall be taxable only in the Contracting State of which the alienator is a resident.
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- 6. The provisions of paragraph 5 shall not affect the right of a Contracting State to levy according to its law a tax chargeable in respect of gains from the alienation of any property on a person who is, and has been at any time during the previous six fiscal years, a resident of that Contracting State or on a person who is a resident of that Contracting State at any time during the fiscal year in which the property is alienated.