Actually, the reg says 'The aircraft does not carry passengers or property for compensation or hire'. The preceding paragraph (b) specifcally states that the pilot is allowed to receive compensation, so it is clear that the compensation in sentence (2) refers to the 'passengers or property' that are not to be transported for compensation.
--> you can't take a subcontractor along and he pays a share of the fuel
--> you can't carry consignment merchandise from one store to the other and charge the owner a fee
And you can not have a passenger or cargo in the plane if the pilot is a PP and is receiving ANY compensation including ANY reimbursement from a third party. The Mangiamele opinion specifically addresses this. This is a carve out where a PP can receive compensation but, again no passengers or cargo. (There is a couple more carve outs that are of no relevance to this discussion).
I can't figure out if you are agreeing with what I said or disagreeing. The whole point of this twist in the OP's thread was that he is planning on taking his wife and cargo and the company will reimburse him for the use of the plane. I think he will be in violation of this opinion. The fact that he owns (or is) the company will most likely not relieve him of this problem. However, my gut feeling is that in this PARTICULAR case nobody will give a rat's azz.
Me neither, and I said so much. Mangiamele dealt with a employee seeking reimbursement from a employer, whether it applies to a company owner flying his companies aircraft has to my knowledge not been litigated.
I agree but as it stands now (JMO) he would be in violation.
One of these days, the FAA will step on the wrong guy with deep pockets who won't get intimidated by them and goes to district court instead of the NTSB for appeal.