If your business is located in an area with free parking available to all, that's not income. If your business is located next to a parking garage that costs $

If your business is located in an area with free parking available to all, that's not income. If your business is located next to a parking garage that costs $400 a month to park in, and it pays the $400 each month so you can park for free, that's income to you. Imagine your CEO makes $1M a year. But he tires of his high marginal tax rates, so instead negotiates with the board of directors to only take a $500k salary while the company pays a $5,000 a month lease on his $200k car, a $20,000 a month rent on his $2M condo, and $200,000 a year for his parking, premium healthcare, meals, groceries and personal travel expenses. Should he only pay taxes on his $500k in cash compensation now?