Here is an article that outlines how several major American corporations managed to pay no taxes on profits of $171 billion:

In addition, he said, taxes may have to be paid on profits realized by the co-op from the sale of the commercial property.

As a charity the Halls do not pay corporation tax on profits.

Most institutions invest pension funds and therefore do not pay taxes on profits they realize.

And Barclays still gets away with paying 1% tax on profits of 11.6 billion.

You have to pay 69 percent taxes on profits; 10 years ago it was 49 percent.

Limited companies have to pay corporation tax on their income and profits.

"The issue is global competitiveness and that includes taxes paid in the United States on profits earned there," she said.

Since there's no need to show that tax was ever paid on profits, tax shelters should be easy to construct.

Owners of such unincorporated businesses now pay both income taxes and an additional tax on profits from their companies.