Originally Posted by NoyGonnaDoIt

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Let me reiterate the FAA's position regarding a private pilot's accumulation of flight time. If that pilot accumulates flight time, the FAA considers free or reduced cost provision of the aircraft to be compensation, and the pilot is, thus, acting as PIC for compensation. (1992 FAA Chief Counsel Opinion)
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With regard to this second prong of Section 61.118, the agency has repeatedly taken the position that building up flight time is considered compensatory in nature when the pilot does not have to pay the costs of operating the aircraft and would, therefore, be deemed a form of "compensation" to the private pilot under Section 61.118. (1990 FAA Chief Counsel Opinion)
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Old stuff, applied a number of times.