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.
From the 1950s, African countries began to gain their independence. 1  In 1950, four African countries â Liberia, South Africa, Egypt and Ethiopia â were independent. The majority gained their independence over the next 30 years, though Namibia and Eritrea had to wait until the 1990s.