(1) Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other State.

*(2) Profits, which a person resident in a Contracting State earns from the sale of stocks in a corporation or from comparable shares which are not listed on a recognized stock exchange can be taxed in the other, Contracting State to the extent that the value of these stocks or comparable shares at some time during the 365 days before the sale, those profits derived directly or indirectly in an amount of more than 75 percent from immoveable property located in the other Contracting State in the sense of Article 6, excluding immovable property in which this corporation or the owner of these shares carried out business activity. These profits however can only be taxed in the former State if:

• (a) the resident person owned less than 50 percent of the stocks or comparable shares before the first sale or
• (b) the profits were earned in the framework of a corporate restructuring, merger, split or similar transaction.

(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 with the whole enterprise), may be taxed in that other State.

(4) Gains from the alienation of ships or aircraft operated in international traffic, boats engaged in inland waterways transport or movable property pertaining to the operation of such ships, aircraft or boats, shall be taxable only in the Contracting State in which the place of effective management of the enterprise is situated.

(5) Gains from the alienation of any property other than that referred to in paragraphs (1) to (4) shall be taxable only in the Contracting State of which the alienator is a resident.

(6) Where an individual was a resident of a Contracting State and has become a resident of the other Contracting State, the provisions of paragraph (5) shall not prevent the first-mentioned State from taxing under its domestic law the capital appreciation of shares, profit sharing certificates, call options and usufruct on shares and profit sharing certificates in and debt-claims on a company for the period of residency of that individual in the first-mentioned State. In such case, the appreciation of capital taxed in the first-mentioned State shall not be included in the tax base when determining the subsequent appreciation of capital by the other State.