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.
Berbers have been present throughout the entire history of the country. For most of its history, Libya has been subjected to varying degrees of foreign control, from Europe, Asia, and Africa.The modern history of independent Libya began in 1951.ripoli was the only city of size in Ottoman Libya (then known as Tripolitania Eyalet) at the end of the 17th century and had a population of about 30,000. The bulk of its residents were Moors, as city-dwelling Arabs were then known.