That would be absolutely fine.
It would create a huge incentive for companies to develop at least parts of their software as open source. Think of how much reinventions of the wheel we could avoid if run of the mill components for companies would be in the open.
The IBM case is unrealistic because IBM would still need to make profits for it's shareholders. If IBM was to transform into a huge non for profit that uses consultants' fees to develop open source software (think of open source Watson), That would definitely a net plus for society that would outweigh the loss of double dutch diminished corporate taxes by several orders of magnitude.