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.
Muammar al-Gaddafi who rose to power in Libya in 1969, had intervened on the side of the Transitional Government. Loyalists were supported by France, in 1983 sent soldiers to create the Red Line, dividing Chad in half. Following Doomsday, Libya withdrew its troops and the French soldiers were stranded in Chad.