S. S. Kresge stores; one was in downtown Detroit, Michigan, for which he traded ownership in McCrory's. In 1912, he incorporated the S.S. Kresge Company with 85 stores. The company was first listed on the New York Stock Exchange on May 23, 1918. During World War I, Kresge experimented with raising the limit on prices in his stores to $1. In 1923, he started a new company, buying out a large traditional department store in Newark, New Jersey. He renamed the store Kresge-Newark, expanded it, and started branch stores. The new department store company was completely independent from the S.S. Kresge discount department
S corporation of gross receipts and (ii) it has accumulated earnings and profits. § 1362(d)(3). An S corporation will only have accumulated earnings and profits if it was a C corporation at some time, or acquired or merged with a C corporation. The S election affects the treatment of the corporation for Federal income tax purposes. The election does not change the requirements for that corporation for other Federal taxes such as FICA and Federal unemployment taxes. While an S corporation is not taxed on its profits, the owners of an S corporation are taxed on their proportional shares of the S