Actually I think profit transfer is reflected in "Net Profit" but PE is calculated using "Profit" (should probably really be called "gross profit"). So profit sharing doesn't count against PE. Taxes do count against PE tho, so use profit sharing rather than taxes whenever possible.
In my experience, once your state corporation gets past 100B "market value" (which is total nonsense, its not on the market!) its very difficult or impossible to IPO it, regardless of PE.
Also note the reasons listed why you can't IPO do not appear to be entirely accurate, so take them with a grain of salt.
I have found that state corps around or under 50B market value, PE around 20ish or less, and 100B in assets are pretty much guarateed IPO if you can maintain that for a few months. At this point your corps are somewhat cash-poor but rich in other assets, and its just a matter of dumping cash into the corp to boost the assets. So IPO early in the corp's life if you intend to do so ever.
Outside of those parameters I have had crap luck with IPOs. Share prices just get obnoxiously high once you are in the 100B+ region, which screws your PE. I have found no way to fix this situation.
Hope this helps.