In other words, such a transaction has to happen under the cover of at least two business licenses (or something similar, such as a church's tax exempt status or an active C.T.E. account)

But sooner or later someone's going to notice that I'm making some purchases that seem awfully odd for a company, and that there isn't any business volume coming across my books.  This will be followed by a visit from "Uncle Andy" (or whoever's serving as the State Treasurer at the time), with some questions that I don't have answers to.  The next thing you know, I'm getting fitted for a prison jumpsuit.

And THAT, my friend, is where we get the proverbial can of worms.

Do we really want to allow the government to arbitrarily determine what a business should or should not be able to buy?

Do we really want to allow the government to toss Joe Blow in the clink because they "determined" that his business is a tax shelter via the revenue stream for the business is non-existent? Such determinations, from everything I can tell, would be arbitrary. After all, couldn't just just be a shitty businessman, yet keeps all his assets in the business? I certainly wouldn't want the government to make that determination.