Technical reasons why that doesn't work - basically it makes it too easy to avoid all tax by keeping the money in corporations.
What we need is a unified global tax regime for international corporations so they can't play off each countries tax loop holes.
You could leave it on the company's balance sheets forever, but that's pretty stupid, especially if you're trying to avoid taxes, as then you just get none of the money instead of most of it.
Why not just tax the people that make up the corporations? They have to spend 51% of their time somewhere, and all taxable stuff winds up in their hands (don't tax reinvestments), so figuring out their tax obligations is simple, relatively.
In practice the IRS will treat use of the yacht as taxable income paid to the user.
In fact, eliminating corporate income tax would discourage this, since it makes alternatives (namely taking a profit and reinvesting in the business) cheaper.