Yes, and it's been there for a
long time. I don't agree with it, but most contemporary national
tax laws create a situation wherein all transactions of any kind or size are
technically taxable. Since the general stance is that ignorance of the law is no defense, what you don't know
will hurt you.
It
will eh? So not just some tiny chance that trading your mostly broken moped for an old lawnmower will get you 'hurt' but certainty? This is news to most I'm sure. This seems to be a nerve for a lot of people, but the fact is if you fail to report a transaction even most cash transactions you will be completely fine. The IRS is bumbling and busy and watching porn and doesn't care about your $300 of labor or tools or toys, don't be afraid.