[Code of Federal Regulations]
[Title 26, Volume 18, Parts 500 to 599]
[Revised as of April 1, 2000]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR509.107]

[Page 43]
 
                       TITLE 26--INTERNAL REVENUE
 
     CHAPTER 1--INTERNAL REVENUE SERVICE DEPARTMENT OF THE TREASURY 
                               (Continued)
 
PART 509--SWITZERLAND--Table of Contents
 
                       Subpart--General Income Tax
 
Sec. 509.107  Income from operation of ships or aircraft.

    Under Article V of the convention so much of the income from sources 
within the United States of a Swiss enterprise as consists of earnings 
derived from the operation of ships or aircraft documented or registered 
in Switzerland shall not be included in gross income and shall be exempt 
from United States tax, even though at some time during the taxable year 
such enterprise has engaged in trade or business in the United States 
through a permanent establishment situated therein.