Probably a lot? It would be much more tax-advantageous to do it this way, $50B worth of credits != $50B worth of spend on Amazon's part, and they might meet in the middle about how much equity that translates to.
I can see a lot of advantages for Amazon, but I don't see why it would be tax-advantageous.
I can see a lot of advantages for Amazon, but I don't see why it would be tax-advantageous.