FAA BULLETIN from 2010
Direct cut and paste from FAA Bulletinfrom 2010.
Quote:
The FAA, however,
interprets “compensation” very broadly. For
example, the FAA has long held that logging flight
time for the conduct of a flight is compensation.
Most of us, and especially those of us seeking that
coveted left seat at a major air carrier, know how
valuable flight time can be. So, if someone requests
that you use your superior piloting skills to take them
to that resort of their choice and you decline any
monetary payment, but still log that flight time while
not paying the costs of operating the aircraft, you’ve
received compensation.