In " Nicol v . Ames ", 173 U . S . 509 ( 1899 ) the Supreme Court held that the War Revenue Act's tax on stocks, bonds, securities, and commodities agreements was not a property tax, but was instead a tax on the right to exchange.
12.
It is flexible enough as to reach; it applies whether the participation is bilateral ( e . g . an agreement to regulate usage of a river flowing in two countries ), function-specific ( e . g . a commodity agreement ), regional ( e . g . the Treaty of Tlatelolco ), or global ( e . g . the NPT ).
