Purdy-Kresge Library all divisions into one general library. The merger began with the renovation of the General Library which was renamed the Purdy Kresge Library and all services were stationed on the first floor. In September 1969, Purdy passed but his name will live on at Wayne State University. In 1972, the Wayne State Board of Governors supported the renaming of the General Library as the G. Flint Purdy Library because of his dedication to libraries and Wayne State University. The Purdy-Kresge Library is also named after Sebastian S. Kresge. Kresge was the founder of the S.S. Kresge Company. The company started
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