Why pay taxes on profits if your accountant can easily make it look like you lost revenue?
Two good reasons come to mind: 1) Fines, penalties & seizure of assets for non-payment of taxes as well as possible incarceration if the courts beleive you intentionally defrauded. 2) Let's say reason #1 didn't exist and there was no threat of penalty from the gov't. Showing continual losses would run your stock value to zero on a long enough time line.
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