Ms. X is an executive with GG Inc., an international business operation. She flies more than 150,000 business miles each year and accumulates considerable frequent-flier points from the airlines. GG allows its employees to use their frequent-flier points for personal travel. In March, Ms. X used 100,000 points to obtain two first-class round-trip tickets to Paris, which she gave to her daughter as a wedding gift. The value of the tickets was $12,000.