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.
Took over power in Libya at the age of 27 in 1969 after the overthrow of the government. He wanted to be focus of a united Arab world, banned all alcohol, nationalized banks, banned foreign languages, nationalized oil resources and set embargoes against Israel, wrote Green Book to explain the faults of democracy. Supplied any rebel Muslim groups with weapons.