Current laws/regs/etc regarding reporting are a moot point. You know the Administration of the day will back-door new rules and regs BEFORE they publicly announce any confiscation, especially if it's the filthy s#!tbags in office right now.
^This. Even if it's under a tax code somewhere, many of those are being revised right now due to O-care... What is it now? The O-care "law" is over 12 Million words now? And it's not finished yet.
“Make men large and strong and tyranny will bankrupt itself in making shackles for them.” – Rev. Henry Ward Beecher (1813-1887) US Abolitionist Preacher