Please fully answer the following
1. What is a 501(c)(3) organization? Does this type of organization pay income taxes?
2. What does the term three-factor formula refer two?
3. What are we referring to when we say that we start with federal taxable income to arrive at a specific state taxable income?
4. What is a valuation allowance when it comes to booking deferred tax assets on a balance sheet?
5. What happens if a company has deferred tax liabilities and the corporate tax rate is reduced by statute?