FPP porsche- taxable?

[broiler]

The credit card argument is comparing apples and oranges. In order to have a valid argument, you need to have an expense that was deductible for tax purposes that is not taxable when you receive a refund of that expense. Your personal credit card that gives cash back or some other point system is not taxable because the expenses on the card were never deducted.

Libutti v Commissioner holds that automobiles that were comped are income as gains from wagering transactions. The idea that the car is a comp is usually the other argument against treating the car as income.

The exclusion of the car as income needs an argument that is better than either of these two scenarios. The gift argument is even worse since the car is chosen by the player with the condition of playing. When cars are given to people with no play or expectation of play, then the gift argument could be revisited.