Forbes Magazine, Dec 9th, 2002, page 166 states C corporations pay no
tax on the first $50,000 of profit and the next $25,000 is taxed at
15%. Can this be true?

I found no supporting information for this "fact" at the IRS site or
anywhere else.

websearcher-ga

According to what I did find, "C corporations" are tazed at 15% on
their first $50,000 of profit and 25% on their next $25,000.

I can provide links to pages stating this if no-one else can "prove"
the Forbes statement.

websearcher-ga

Internal Revenue Code Section 11 imposes a tax on net income on
corporations as follows:

first 50,000    15 percent
next  25,000    25 percent
next 9,925,000  34 percent  (to 10,000,000)
excess          35 percent

The benefit of the 15, 25 and 34 percent brackets phase-out over
10,000,000.

The Forbes article is either mistaken, or you may want to look at it more closely.

The information above, from webresearcher and taxguy is correct.

of course C corporations pay tax on all profit levels.

Best wishes

TaxMama-ga