Kresge Building (Augusta, Maine) a multicolor crosshatch brick pattern extends across the building above the second floor. The block was built in 1932, replacing an Italianate building that was a virtual replica of its neighbors. It originally housed S.S. Kresge's, a department store, on the ground floor, with professional offices on the second floor. Since its construction, it has been one of downtown Augusta's most architecturally unusual buildings. Kresge Building (Augusta, Maine) The Kresge Block is a historic commercial building at 241-249 Water Street in downtown Augusta, Maine. Built in 1932 to house a department store, it is a distinctive and rare local example
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