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"Not if you account to your employer for your business mileage. You will need to show that you actually drove those miles. A log book or copies of your expense reports showing the business mileage should be adequate. But if the employer doesn't ask for documentation and just sends you a check for their guess of how much you drove, then it would be taxable.
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In which case I'd have to keep the log books and deduct it on Schedule A subject to the 2% limitation, no? Keeping the log books wouldn't bother me much. As I said, I've used a vehicle in a previous business so I'm familiar with how to document it's use. Of course I'm assuming they haven't made any drastic changes in that since 1997.
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