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.
The transitional period toward independence began with the inauguration of the first parliament in 1954. With the consent of the British and Egyptian Governments, Sudan achieved independence on January 1, 1956, under a provisional constitution. The new constitution was silent on two crucial issues for southern leaders-the secular or Islamic character of the state and its federal or unitary structure.