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 thirteen colonies of British America famously became independent in the American Revolution of 1776. The movement was the first European colony to claim independence and saw the application of elected government, a constitution, and civil rights, none of which were unheard of but were unique in their combination.he Age of Revolution is the period from approximately 1775 to 1848 in which a number of significant revolutionary movements occurred in many parts of Europe and the Americas.