Marquette Corporation, a tax client since its creation three years ago, has requested that you prepare a memorandum explaining its evaluated tax requirements for the current year. The corporation is in the fabricated steel business. It's earning have been growing every year. Marquettes taxable income for the last three years has been $500,000, $ 1.5 Million and $2.5 million correspondingly. The CFO expects its taxable income to be appx $3.0 Million.
Required: Create a one page memorandum explaining Marquettes estimated tax needs for its current year, providing the necessary supporting authorities.