FPP porsche- taxable?

[broiler]

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.