Which of the following statement is false? 1. The conversion strategy is based upon where income is taxed as opposed to when it is taxed. 2. A conversion strategy is illustrated by a case where an employer provides tax-free fringe benefits to employees rather than taxable salary. 3. The objective of tax planning is to maximize the after-tax wall. 4. The present value concept becomes more important as the related tax rate increases. 5. Non-tax factors need not to be considered when it comes to tax planning