Form 114 for certain foreign accounts.

1. Find where this requirement is codified in the U.S. Code. What is this section of the U.S. Code commonly called?
2. Cite the regulations (CFR) associated with this requirement.
3. Do the regulations only require reporting, or are there other requirements a taxpayer must meet if they have foreign financial accounts?
4. What other reporting requirements are discussed in this section of the USC/CFR?
5. What penalties can be imposed for not meeting this requirement?
6. Do the penalties seem reasonable? If unreasonable, are they unconstitutional under the 8th amendment to the U.S. Constitution?