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.
<center> The Year When African Countries Gained Their Independence 1847 Liberia 1951 Egypt 1956 Sudan, Tunisia, Morocco 1957 Ghana 1958 Guinea 1960 Chad, Benin, Nigeria, Ivory Coast, Madagascar, Central African Republic, Mali, Niger, Senegal, Burkina Faso, Mauritania, Togo, Zaire, Somalia, Congo, Gabon, Cameroon 1961 Sierra Leone, South Africa ( ...