Page:United States Statutes at Large Volume 59 Part 2.djvu/234

 59 STAT.] FRANCE-DOUBLE TAXATION-JULY 25, 1939 the State in which the taxpayer carries on his personal activity. This provision does not apply to the income referred to in Article 8. ARTICLE 10. Income from the exercise of a liberal profession shall be taxable only in the State in which the pro- fessional activity is exercised. There is the exercise of a liberal profession in one of the two con- tracting States only when the professional activity has a fixed center in that country. ARTICLE 11. Gains derived in one of the con- tracting States from the sale or exchange of stocks, securities or commodities by a resident or a corporation or other entity of the other contracting State shall be exempt from taxation in the for- mer State, provided such resident or corporation or other entity has no permanent establishment in the former State. ARTICLE 12. Students from one of the con- tracting States residing in the other contracting State exclusively for the purpose of study shall not be taxable by the latter State in respect of remittances received from within the former State for the purpose of their maintenance or studies. ARTICLE 13. In the calculation of taxes established in one of the contract- ing States on the use of property or increment of property of an enterprise of the other State, account shall be taken only of bles seulement dans 1'Etat ol s'exerce l'activit6 personnelle du contribuable. Cette disposition ne s'applique pas aux revenus vis6s A Particle 8. ARTICLE 10. Les revenus provenant de l'ex- ercice de professions lib6rales sont imposables seulement dans 1'Etat oh s'exerce l'activit6 personnelle. Il n'y a exercice d'une profes- sion liberale dans Pun des deux Etats contractants que si l'activit6 professionnelle a un point d'at- tache fixe dans cet Etat. ARTICLE 11. Les gains r6alis6s dans 'un des Etats contractants et provenant de la vente ou de l'6change de valeurs mobilieres ou de mar- chandises par un resident, une soci6t6 ou autre collectivit6 de l'autre Etat seront exempt6s d'im- p6ts dans le premier Etat, A la condition que ce resident, cette soci6t6 ou cette collectivit6 n'y possede pas d'etablissement stable. Exercise of liberal profession. Sale or exchange of capital assets. ARTICLE 12. Les etudiants qui sejournent Students. dans Pun des Etats contractants exclusivement pour y faire leurs etudes ne sont pas imposes dans cet Etat A raison des subsides provenant de l'autre Etat qu'ils regoivent pour leur entretien et leurs etudes. ARTICLE 13. Pour le calcul des imp6ts 6tablis dans Pun des Etats contractants en fonction des capitaux ou de l'accroissement des capitaux d'une entreprise de l'autre Etat, il n'est tenu compte que de la fraction du 899

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