(Homework 7)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?