The reason coin dealers are so up in arms is that they will have to report paying me $30,000 for the gold I paid $10,000 for right after 9/11. In the past, these transactions were invisible. I could pocket my $20K profit and not pay a dime in taxes on it. They're afraid it will gore their ox. And it will. And it should. That's just one example. Cheating this way is rampant.
This is no different than banks being required to send out 1099's on every piddly little interest payment they make to an account holder; but in their case it can be 25 cents. The gvmt then cross-checks those 1099 interest payments to individual returns to make sure they're reporting them.
@ Reverend -- I respect your postings...like to read them. What am I missing?