Harry Cunningham to design a discount store. Walton added that Cunningham should be remembered as one of the leading retailers of all time. Cunningham and Walton both visited, and were impressed by, the early and innovative discounter Ann & Hope in Cumberland, Rhode Island. Harry Cunningham Harry B. Cunningham (1907 in Pennsylvania – November 11, 1992 in North Palm Beach, Florida) was an American businessman and retailer who founded Kmart in 1962, along with S. S. Kresge. Cunningham had a vision to convert the retail chain into a discounter. At the time, Cunningham was sharply criticized by some, including Kresge shareholders, as
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