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.
Libya becomes independent. Libya declared its independence as a constitutional and hereditary monarchy under King Idris I. It was the first country to achieve autonomy through the United Nations (UN) and one of the first former European possessions in Africa to gain independence. UN commissioner and the so-called Council of Ten-comprising of a representative from each of the three provinces, one for the Libyan minorities, and one each for Egypt, France, Italy, Pakistan, Britain, and the United States-were to guide the country through the period of transition to independence.