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.
Tripoli was captured by the Arabs in ad 638 and taken by the Crusaders in 1109 after a long siege. 3. The capital and largest city of Libya, in the northwest part of the country on the Mediterranean Sea. Settled by Phoenicians from Tyre, it has Roman and Byzantine remains.