The effect of the S corporation tax election is to exempt the company from paying taxes on net income itself. Instead, the corporation is deemed a pass-through entity, which means the corporation is taxed in the same way as a partnership.
King Idris I represented Libya in the subsequent UN negotiations. When Libya declared its independence on December 24, 1951, it was the first country to achieve independence through the United Nations and one of the first former European possessions in Africa to gain independence.Libya was proclaimed a constitutional and a hereditary monarchy under King Idris.hen Libya declared its independence on December 24, 1951, it was the first country to achieve independence through the United Nations and one of the first former European possessions in Africa to gain independence. Libya was proclaimed a constitutional and a hereditary monarchy under King Idris.
After Italy took North Africa from the Ottoman Empire, it ruled  Libya from 1912 to 1942, when it became occupied by the Allies  during World War II.   Libya was given i â¦ t's independence when the Allies  returned its rule to King Idris in 1951.ibya had been an Italian colony since 1912. * During Gaddafi's regime the official independence day was the 1st of September 1969 (date of his coup). Now, it's officially on the 24th of December 1951.