Perhaps, but its moot. Taxing corporations does not fix this problem (since money spent on yachts is treated as expenses and not taxed as income) and eliminating corporate income tax would not change this.

In fact, eliminating corporate income tax would discourage this, since it makes alternatives (namely taking a profit and reinvesting in the business) cheaper.

It would seem like fixing that problem directly rather than using a roundabout system of taxing corporations, which comes with its own set of problems, would be the better way to go about things.