[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: 26CFR520.106]

[Page 130]
 
                       TITLE 26--INTERNAL REVENUE
 
     CHAPTER 1--INTERNAL REVENUE SERVICE DEPARTMENT OF THE TREASURY 
                               (Continued)
 
PART 520--SWEDEN--Table of Contents
 
                       Subpart--General Income Tax
 
Sec. 520.106  Income from operation of ships or aircraft.

    The income derived by a Swedish enterprise from the operation of 
ships or aircraft registered in Sweden is exempt from United States 
income tax. However, the profits derived by such enterprise from the 
operation of ships or aircraft not so registered are treated as are 
industrial and commercial profits generally. See Article II of the 
convention and Sec. 520.104.