Re: FPP porsche- taxable?
The article does not say that frequent flyer miles are not taxable. The paragraph merely says that the IRS will not assert that a taxpayer has understated their personal taxes for the personal use of miles related to a business.
In an example for taxability, private letter ruling 9746048 required mutual fund buyers to reduce the basis of their shares by the FMV of the frequent flyer miles received.
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