If a web-based company such as eBay that generates revenue from
commissions on US and international transactions, was incorporated in
Bermuda, with their main office officially registered in Bermuda, but
with nearly 100% of their employees in the US, would this company be
required to pay US corporate tax on profits?  Is so, why?  If not,
where is the catch, why doesn't eBay and other web services companies
shift their headquarters/incorporate in Bermuda?