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 corporations may also, in certain circumstances, pay income taxes on untaxed profits that were generated when the corporation operated as a C corporation. This is very common with uncollected accounts receivable or appreciated real estate. For example, if an S corporation that was formerly a C corporation sells an appreciated asset (such as real estate) and the appreciation occurred during the time the corporation was a C corporation, the S corporation will probably pay C corporation taxes on the appreciation—even though the corporation is now an S corporation. This Built In Gain (BIG) tax rate is 35% on the appreciated