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 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