Discount Drug Mart a Chain Store Guide list of the top 100 drug chains. The early 1990s brought increased competition to the industry. Discount Drug Mart was still smaller than the Ohio drug store chains of Revco and Phar-Mor, and were being threatened by superstores Kmart, Wal-Mart, and Target Corporation. Discount Drug Mart expanded across Ohio through the 1990's. Discount Drug Mart Discount Drug Mart, Inc., is an Ohio-based drug store chain. Its first store opened in Elyria, Ohio in 1969. In 1969, Parviz Boodjeh established the first Discount Drug Mart in Elyria, Ohio. The store originally filled prescriptions, and sold toiletries, grocery,
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