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1) What is a 501(c)(3) organization? Does this type of organization pay income taxes?

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?

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