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ΕΠΙΣΗΜΗ ΕΦΗΜΕΡΙΔΑ ΤΗΣ 4ης ΑΠΡΙΛΙΟΥ
1984
439
Artiole
16
GAINS
(1)
Α
resident
ο!
a Contraoting State shall be exempt from
tax by the other Contraoting State
οη
gains from the sa1e,
exchange or other disposition
ο!
assete unless the gain
ί8
derived from the sale, exchange
οτ
other disposition:
(a) Where the United States is the other State, real
property referred to in Article 15 (Income from Real
Property) whioh is situated
ίη
the United States and
a United States real property interest; and
(b) Where Cyprus i6 the other State, real property
referred to
ίη
Article 15 (Income from Real Property)
which
ίθ
situated in Cyrrus and
βΩ
interest
ίη
rea1
property situated
ίη
Cyprus.
(c) Property (other than property described
ίη
subparagraphs (a) and (b» forming part
ο!
the business
property
ο!
a permanent estab1ishment which a resident
ο!
a Contracting State has in the other Contracting
•
State or property pertaining to a fixed base available
to a resident
ο!
a
Contracting State in the other
Contracting State for the purpose
ο!
performing
independent personal
βθrνίcθB,
inoluding such gains
from the alienation
ο!
such a permanent establishment
(alone or with the whole enterprtse) or
ο!
Buch fixed
base.
(2)
Ιη
the case
ο!
gains desoribed in paragraph 1(a)
and
(b),
the provisions
ο!
Article 15 (Income from Rea1 Property) sha11
apply.
Ιη
the case
ο!
gains desoribed in paragraph
1(0)
the
provisions
ο!
Artiole
8
(Business Profits), Artiole 15
(Income from Real Property) or Article
17
(Independent Fersonal
Services) shall apply,
βθ
the oase may be.
(3)
For purposes
ο!
this Convention, a United States real
property interest shall be considered to be situated in
the United States,
and
ΒΩ
interest
ίη
real property
situated
ίη
Cyprus shall be oonsidered to be situated in
Cyprus.