10, 1948), certiorari denied 335 U.S. 911 (1949). MEAD'S FINE BREAD COMPANY Company Number 0010084800 Status Voluntarily Dissolved Incorporation Date 8 November 1949 (about 73 years ago) Dissolution Date 29 April 1960 Company Type Domestic For-Profit Corporation Jurisdiction Texas (US) Alternative Names. Doc was a lay preacher, and he often took us with him when he addressed a church in some town like Nugent or Lueders. After a revenue agent made an income adjustment to Angus' return in 1956 for unreported rental income of $4,200, Angus in subsequent years began to report rental income for the quarters occupied by Ed V. Mead. collections, new partnerships, information on research, trivia, In determining whether petitioner's accumulations of earnings and profits in the years before us were within the reasonable needs of its business, we first must consider whether prior accumulations were, in fact, sufficient to meet petitioner's needs during the period in issue. Pursuant to section 537, the term "reasonable needs of the business" includes the reasonably anticipated needs of the business. Your support aids students of all ages, rural communities, [61-2 USTC 9562] 292 F.2d 470 (C. A. MEAD'S FINE BREAD COMPANY, a Corporation. I had never taken voice lessons and did not plan on becoming a music professional, but I sang a pretty fair country bass and blended well. ; Electric Regulator Corporation [Dec. 26,236], 40 T.C. they all market their bread under the name "Mead's Fine Bread" and promote the product through a common advertising program. 145, where such pricing was held violative of 2(a). Doc Mead owned Mead's Fine Bread bakery, and Mead's Quartet sang on KRBC for fifteen minutes at noon on weekdays. Our Findings of Fact contains the various factors which led us to this conclusion. 7, 1935), affirming [Dec. 8135] 28 B. T. A. 148, 99 L.Ed. Thus, to the extent petitioner was able to make these advances to Angus, such funds were not required for use in petitioner's business. Feb 2018 - Present5 years 1 month. I like to serve this rich, saucy entree with a salad and homemade French bread. 121 Argued November 17, 1954 Decided December 6, 1954 348 U.S. 115 Syllabus Petitioner sued respondent for treble damages for violations of 2 of the Clayton Act and 3 of the Robinson-Patman Act. Section 1.1502-31(a)(19)(i), Income Tax Regs. and at Hobbs, Roswell, and Clovis, New Mexico. The company used this jingle: A paper hat used by Mead's employees - "That's What I Said" "Mead's Fine Bread and Potato Chips, too" At the top is a nail file given away as a promotional item. Several other reasons caused petitioner to retain its earnings in this period. https://texashistory.unt.edu/ark:/67531/metapth1165909/m1/1/. Neither petitioner nor any of the predecessor corporations has ever declared or paid a taxable dividend. Finally, any dividends distributed to either of the controlling shareholders (except E. P. Mead in 1956) would have been subject to tax at a rate of more than 50 percent. He appointed me to reorganize the quartet, took out half a page in the newspaper to announce itand paid us $15 a week. My mead has about 12% alcohol, but the yeast could go to 18%. As noted above, the parties stipulated that Angus, during the years in issue, was engaged in the agricultural and livestock business. Copyright 2022 American Society of Baking. The radio studios were atop the Hilton Hotel, twelfth floor. Anything? These structures were, therefore, suitable solely for baking purposes. Eternal Father, strong to save, Whose arm hath bound the restless wave, Who biddst the mighty ocean deep Its own appointed limits keep, O, hear us when we cry to Thee For those in peril on the sea! The Hymn of the U.S. Navy. Because it had a bass lead, he even let us do Have a Little Talk With Jesus, and with his high tenor, Fred got to swinging the song more than any of us. I thought I had it made as a singing swabbie. The regular bassa "grown man," as I thought of ithad been. bread from mead dregs I've done this several times. Get free access to the complete judgment in MOORE v. MEAD'S FINE BREAD CO on CaseMine. Mrs. Claude M., Baird, Texas.. For partners and peer institutions seeking information about In 1957 and 1958 it purchased additional stock in this bank at a cost of $16,000 and $38,930. The acquisition of the 14 plants by the predecessor corporations between 1946 and May 1, 1955, had depleted their earnings and adversely affected their ability to add to and replace equipment during the period from 1946 to 1955. photograph Winter Park Chamber Immersive Art Exhibit Field Trip happening at Mead Botanical Garden, 1300 South Denning Drive, Winter Park, United States on Thu Mar 30 2023 at 11:30 am to 01:30 pm . 396 (1932), affd. and I left the fundamentalists years and years gone by and became a Presbyterian in a big church with a paid choir whose members would die of embarrassment if you suggested they sing something as awful as Power in the Blood or Whispering Hope. Sure, a lot of the hymns we sang were composed by people like Handel, Bach, Haydn, Beethoven, Mendelssohn, and Weber: We would see Jesus, for the shadows lengthen/Across the little landscape of our life, My Jesus, as Thou wilt, tho seen through many a tear,/Let not my star of hope grow dim, or disappear. But subtle and lovely as those are, the ones I remember with greatest fondness are the passionate old blood-boilers, the ones that had to do more with tears and toil than balm and bliss. Sponsored 4615_1 in the Court of Appeals for the Tenth Circuit. Fills my evry longing, Keeps me singing as I go. They all market their bread under the name 'Mead's Fine Bread' and promote the product through a common advertising program. 4615. And I did a couple of bars on harmonica. Because of the large growth of population in the cities in which petitioner's principal bakeries were located, new routes had to be continuously developed to meet competition. Rehearing Denied Jan. 31, 1955. TIN: 15910281227. Development costs for the new route, including additional consumption of supervisor time and more stale, unsold bread to be picked up from the stores on the route, result in losses of approximately an additional $5,000 per route for the first year of operation. 1094 (1936); Beim Co. v. Landy [40-2 USTC 9630], 113 F.2d 897, 900 (C. A. UNT's history and scholarship, library special collections, plus a But I looked at it as $4.80 an hour. Mr. Edward W. Napier, Lubbock, Tex., for respondent. Mead's Fine Bread Co. v. Moore, 208 F.2d 777, 10th Cir. Between the years 1955 and 1960, Angus sustained the following losses: During each of the years in issue, petitioner advanced substantial amounts on open account to Angus. If one corporation owns the stock of another corporation and, in effect, operates the other corporation, the business of the latter corporation may be considered in substance, although not in legal form, the business of the first corporation. That girl had a better knack for peacemaking than war, and even a hound like Radagon could be coaxed away from his aggressive mantras. Daniel Vaughn is the countrys first barbecue editor, and he has eaten more barbecue than you have. Crayola Dymo Elmer's Five Star Mead Paper Mate Pen+Gear Scotch Sharpie Texas Instruments The Happy Planner The Pioneer Woman. Petitioner during the years involved herein also had definite plans for diversification into the business of manufacturing and distributing potato chips and frozen baked products. Petitioner's average four week cash balances for the fiscal year ended April 30, 1956, was $360,283.37. Petitioner, in the period before us, was faced with contingent liabilities in excess of $385,000 arising because of tax deficiencies asserted against the four corporations absorbed by it, interest thereon, and estimated expenses related thereto, including legal and accounting fees. Shortly after the May 1, 1955, reorganization, petitioner decided that Angus' cattle raising activities constituted too much of a drain on its working capital and that such activities should be terminated immediately and the cattle disposed of as soon as possible. First of all, the evidence in the record affirmatively shows that Angus was not actively engaged in the business of cattle raising or farming during the years in issue and that, at most, it was a mere investment company. This Thus, it is necessary for us to consider whether petitioner's earnings and profits were, in any of the years herein concerned, accumulated beyond the reasonable needs of its business. On another occasionthe funeral of the father of a friend of mineTommy got off on the wrong key to begin with (the organist was unfamiliar with our style) and started positively whimpering instead of singing. Ed V. Mead, formerly the president of El Paso and, during the years in issue, vice-president of petitioner, resided at all times relevant hereto in a home located on the farm. How many times have I walked slowly by an open grave, singing Alseep in Jesus while crumbling a clod of red dirt over the deceased? For partners and peer institutions seeking information about Read more They only cut the price in Santa Rosa, but not in other Texas or New Mexico locations. These controls are experimental and have not yet been optimized for user experience. Mead's was founded in 1918 by J.H. See Ohio Clover Leaf Dairy Co. [Dec. 3034], 8 B. T. A. rirgiuio IA ais zonfokrruw, tale of the roll Lorn, ferttecikettd; t of oka'datwafromtereleisted _pedlttiilupbu berporeenAguotantoneadacloar tall SS coldly and calmly s a mortal etstur-- 4k:bloc( Exalainor,, ; , ; rf "., Jima yettliemtrul.couatica in allemadnelatta rich enoogh to by up tho vloolo State I ken down, poor aristocracy is . They foresaw the promise of whole grain breads, ultimately renaming the company after the brand of its market-leading products, Earth Grains. Some content on this site may be difficult to view. Thus, petitioner was, in effect, prevented by the terms of the Penn Mutual loan from expanding by means of debt financing. Categories: Pharmaceutical . was provided to The Portal to Texas History We broke up my senior year. Reverse of the loaf of bread encased cent. Angus had acquired these cattle at a cost of $129,734. Fermented Cider Beer Wine Sake Soda Mead Kefir And Kombucha At Home Emma Christensen Pdf File Free True Brews True Brews The Everything Hard Cider Book The Big Book of Cidermaking Craft Cider Making The Everything Hard Cider Book The Joy of Brewing Cider, Mead, and Herbal Wine The New Cider Maker's Handbook Tasting Cider Modern Cider Making the . When petitioner purchased E. P. Mead's stock in Mead's Frozen Foods, Inc., and Bakers Merchandise Company, Inc., on September 14, 1961, a portion of the purchase price, $113,564.78 was carried in petitioner's books as a debt to E. P. Mead. Click the citation to see the full text of the cited case. The respondent determined deficiencies in petitioner's income tax, as follows: Respondent made a number of adjustments in petitioner's taxable income for each of the years in question, which adjustments petitioner has conceded. And that was no legend. In the period involved herein, petitioner leased a number of warehouses or bakeries occupied by it from Mead's Industries, Inc. E. P. Mead owned 99 percent of the stock of this corporation during the period before us. It has been viewed 1144 times, with 31 in the last month. Also in conjunction with the "Critical Mass" exhibition at the Mead Art Museum, the Frost Library presents FluxusFluxusFluxus, an exhibition drawn from its extensive collection of Fluxus material. From the foregoing, it is our opinion that Angus did not engage in any business during this period, particularly the business of farming or raising cattle. Because of various restrictive covenants and negative pledge clauses in its loan agreement with Penn Mutual, the only manner by which petitioner could attempt to attain these ends during the years in issue was by the retention of earnings. Angus also owned a farm of approximately 180 acres in Albuquerque which it acquired for approximately $175,000. At all times relevant hereto, E. P. Mead, petitioner's president, owned approximately 60 percent of the outstanding stock in petitioner. See 348 U.S. 932, 75 S.Ct. awards, and more. We relished these performances, since Meads bakery paid us for such off-air advertising. Lakewood, CO. 972. 757, 764-765 (1963), on appeal (C. A. When the quartet gave up after Kneel at the Cross, the band played onto the clapping of the crowd. Mead's Frozen Foods, Inc., was organized to permit petitioner to enter into this line of business without violating the restrictive covenants of the Penn Mutual loan. 288 (1958). The company's mailing . No. "Mead's Fine Enriched Bread" "Good and Fresh". He was elected president in 1982. Chip Gaines Bought Larry McMurtrys Historic Texas Bookstore. Section 532. Historic newspapers digitized from across the Red River. During this same period, Ed V. Mead filed joint returns with his wife, Elizabeth Mead. Side: BILL MEAD OBITUARY. Deering v. Blair [1928 CCH D-8065], 23 F.2d 975 (C. A. D. C. 1928); Thacher v. Lowe [1 USTC 70], 288 F. 994 (S. D. N. Y. . Petitioner filed its returns with Angus on a consolidated basis. . they all market their bread under the name "Mead's Fine Bread" and promote the product through a common advertising program. The cattle were sold at auction in October 1955. MEADOWVIEW POOL CO; MEADS STEPHEN OIL CO CO; MEAD-RAYMOND CORPORATION. 145 L. L. MOORE, Petitioner, v. MEAD'S FINE BREAD COMPANY, a Corporation. The Jay-Rollins Library serves the students, faculty, and staff of McMurry University in Abilene. The company's filing status is listed as Existence Expired and its File Number is 256123. Similarly, Ed V. Mead, petitioner's vice-president and the son of E. P. Mead, owned approximately 31 percent of petitioner's outstanding stock. Normally, where one corporation owns 80 percent or more of the stock of another corporation, it may accumulate earnings to meet the subsidiary's need for funds. The proposed tax deficiencies were finally determined to be $149,393.66, per Tax Court decision of November 10, 1959. They reported taxable income thereon which put them in tax brackets of 53 percent, 56 percent and 56 percent for these years. Ed V. Mead repaid the amount loaned to him by petitioner during its fiscal year ended April 30, 1958. An encased cent in n aluminum loaf of bread. For its taxable years 1956 through 1958, it timely filed its income tax returns, prepared on the accrual method, with the district director of internal revenue at Dallas, Texas. I did hold membership in the Bluejacket Choir, but there were too many opera singers and famous vocalists for a Texas fundamentalist to hang on very long. However, the evidence petitioner presented as to the specific amount of these needs is somewhat inconclusive. It appears to have been made to use with a key chain as it has a hole at one end. Decided Dec. 6, 1954. Respondent points to the fact that as of May 1, 1955, the date of the tax-free reorganization in which petitioner acquired the assets of the four predecessor corporations, petitioner had accumulated earnings totaling $2,058.20.8 However, the mere size of the previously accumulated earnings and profits is not indicative that they are sufficient to cover the future needs of the business. The ultimate issue for our decision is whether petitioner was availed of during its fiscal years ended April 30, 1956, through April 30, 1958, for the purpose of avoiding income taxes with respect to its shareholders by permitting its earnings and profits to accumulate instead of being divided or distributed. Find many great new & used options and get the best deals for Vintage Advertising Lot; Mead's Fine Bread;Purina;Rook;Press on Tape and More at the best online prices at eBay! 141 (1959), affd. crediting McMurry University Library. 4615. Our guide for the night met us and slipped us in through the back door, seating us on the front row of the choir. Immediately prior to petitioner's absorption of the four predecessor corporations, Angus possessed a herd of 100 breeding cows and a one-half interest in a prize stud bull. Argued Nov. 17, 1954. I promised I had developed enough during the summer so that I could handle bass leads on Seeking the Lost and Lead Me Gently Home, and I could. As a direct result of these negotiations, petitioner did, in fact, purchase 4 of these plants, as follows: In addition to its plans for purchasing additional bakery plants during the years herein involved, petitioner also had specific plans for constructing new plants in Tucson, Arizona, and Ada, Oklahoma. Refrigerator Parts & Accessories. God Be With You Closing theme of Meads Quartet. This truly unique cheese is made with charcoal from the Featherstone mines in Yorkshire mixed with a wonderfully creamy mature wax coated cheddar. Leagle.com reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions. In order to keep up with its competition, rising costs and the increasing population of the areas it served, petitioner was forced to expend considerable sums for replacing old equipment and purchasing new equipment. Therefore, before we can determine whether, or to what extent, petitioner allowed its earnings and profits during these years to accumulate beyond its reasonable needs, we must consider several factors mentioned by respondent as indicating that petitioner did unreasonably accumulate its earnings. This photograph's creation, acceptance, or submission date is unknown. As previously indicated, petitioner has the burden of proving that the earnings retained by it during the years in issue did not exceed its reasonable business needs. Messrs. Lynell G. Skarda, Dee C. Blythe, Clovis, N.M., for petitioner. Mr. Mead (1919-2006) started after high school as a bread route salesman for the Abilene, Texas bakery owned by his father and uncle. Creation Information Creator: Unknown. The next autumn, the quartet regrouped (it had disbanded for the summer), and Fred asked the a cappella director at the college to please send him down a good bass. Mr. Lane (1924-2000), an Army veteran and graduate of Texas A&M University, joined the Campbell Taggart accounting department in 1947. Funerals always brought out the worst in us. As the Court of Appeals for the Fourth Circuit noted in Smoot Sand & Gravel Corporation v. Commissioner [60-1 USTC 9241], 274 F.2d 495, 500 (1960), affirming a Memorandum Opinion of this Court [Dec. 23,307(M)], certiorari denied 362 U.S. 976 (1960): We believe petitioner has amply demonstrated that as of May 1, 1955, its accumulated earnings and profits in the amount of $2,058,115.20 had been so translated into plant expansion, new equipment, increased receivables, etc., and that, therefore, they were not available to satisfy any reasonable business needs that might confront petitioner during the years in issue. Included among these factors are: (1) Petitioner's advances on open account to Mead Industries, Inc. (cf. If you fill out the first name, last name, or agree to terms fields, you will NOT be added to the newsletter list. 121. Petitioner has failed to prove that its reasonable business needs during each of the years in question exceeded the amount of earnings retained by it each year, minus the amount advanced to Angus on open account during such year. All Rights Reserved, National Bakery Associations and Resources, Baker Equipment Manufacturers and Allieds. We use cookies to ensure that we give you the best experience on our website. collections, new partnerships, information on research, trivia, The executives invested substantially in new technology to open new markets, specifically taking pan variety bread to national distribution. Mr. Mead served on numerous bank boards, on the White House Restoration Committee during the Carter Administration, was president and board member of the Billy Graham Association Foundation and helped found Christian Men, Inc. Mr. Lane served on a number of bank boards, and those of the Grocery Manufacturers Association, of Texas A&M University and the Dallas Chamber of Commerce. Opinion for Mead's Fine Bread Co. v. Moore, 208 F.2d 777 Brought to you by Free Law Project, a non-profit dedicated to creating high quality open legal information. Docket Number: No. To the work! In 1960 its Oklahoma City plant was closed because of a strike and in 1962 its Jeffersonville, Indiana, plant was subject to a prolonged strike. These corporations purchase their flour and bread wrappers as a unit. Sign up for our periodic e-mail newsletter, and get news about our At any rate, his wife, our accompanist, hated hymns, especially our theme song. This company was engaged in the business of manufacturing and selling bread. This is an automated process which produces bread of a better texture and quality at a cost of approximately 10 to 15 percent less than the conventional methods. Mead's Fine Bread" The bread company was known for its radio jingles, one of which was written and sung by well-known disc jockey Bill Mack. . 8, 1940). Mead Service Company and Mead's Fine Bread Company, hereinafter referred to as Mead, were confronted with a boycott at Santa Rosa, New Mexico, which entirely deprived them of a market for their bread at that point. The regular bassa grown man, as I thought of ithad been transferred out of town, and someone had to fill in quick. The consolidated accumulated earnings credit is. . MEAD'S FINE BREAD COMPANY is a New Mexico Foreign Profit Corporation filed on November 21, 1949. Will the Circle Be Unbroken, The Great Speckled Bird, and Farther Along got a fair amount of air time on a New York gospel station. The requests poured in, sometimes with the titles spelled phonetically: And please play Father Alone, first chance you get or Dead Meads Quartet: Will you please sing Blessed Insurance for my sister who has just lost her husband. Thus, it is our conclusion that to the extent set out herein petitioner during the period under review was availed of for the purpose mentioned in section 532(a). Similarly, petitioner carries on its books a liability in the amount of $100,716 to Ed V. Mead for stock he transferred to petitioner on September 14, 1961, in Mead Co., Inc. During the years in issue petitioner owned 98 percent of the outstanding stock in Mead's Angus Mesa, Inc. (hereinafter referred to as Angus). During the years in issue petitioner had definite plans for the acquisition of additional bakeries and for diversification into related businesses. Mead's Fine Bread Co. v. Moore, Court Case No. In part, these time deposits were held as to reserve for the contingent tax liability. . The first and only black cheese, creamy and mature and mixed with chilli. In 1950, petitioner's four predecessor corporations employed a total of 524 persons. In 1958 they consolidated the company. Messrs. Lynell G. Skarda, Dee C. Blythe, Clovis, N.M., for petitioner. The bakery business has been subject to dramatic innovations. (1954) - Free download as PDF File (.pdf) or read online for free. These corporations purchase their flour and bread wrappers as a unit. Whats Up With All the Kangaroos on the Loose in Texas. From this it derived minimal receipts. I had to hitchhike from the college to downtown because I couldnt afford a dime for the bus. The boycott gave Moore a complete monopoly of the bread business in Santa Rosa. Moreover, the business of one corporation does not include the business of another corporation if such other corporation is a personal holding company, an investment company, or a corporation not engaged in the active conduct of a trade or business. Researchers, educators, and students may find this photograph useful in their work. (https://texashistory.unt.edu/ark:/67531/metapth1165909/: Fire Ants Have Unleashed Chaos in Texas for Decades. We took requests, although most of the cards and letters asked for the jingly kind of quartet songs, which Fred disapproved of. 334. Although petitioner purchased the site for a new plant in Ada, Oklahoma, in October 1957, it abandoned plans for constructing this plant in 1961 because its other plant in that town was not operating as profitably as had been expected. Big Jim directed us, and I wrote the scripts, which consisted of brief spoken introductions to the hymns, things like From the little church just around the corner of your heart comes . The cases linked on your profile facilitate Casemine's artificial intelligence engine in recommending you to potential clients who might be interested in availing your services for similar . Patricia Sharpe writes a regular restaurant column, Pats Pick, for Texas Monthly. is part of the collection entitled: Respondent sells bread in Farwell, Texas, a town which it serves with a bread truck operating out of Clovis, New Mexico. Moreover, the fact that petitioner filed its income tax returns on a consolidated basis with its subsidiary, Angus, does not affect this conclusion. It had also estimated construction costs of $100,000 for the Ada plant and an additional $150,000 for equipment. Once, in Philadelphia, I enjoyed a comeback. 15 (1947); and World Pub. Doing a bread spot, he said, For the breast in bed . The Penn Mutual loan contained restrictions against petitioner's incurring any indebtedness other than (1) the Penn Mutual loan, (2) indebtedness incurred in connection with the purchase of equipment, but not to exceed an aggregate of $150,000 at any time outstanding, and (3) unsecured bank loans maturing within 12 months and not exceeding $400,000. The following is a consolidated balance sheet reflecting, on a consolidated basis, the assets and liabilities of petitioner and its subsidiary, Angus, during the years before this Court. Your support aids students of all ages, rural communities, endowment Harry Grant suffered a near-death experience when he was a 12-year-old, he revealed. In our opinion, petitioner has established that, at least to some extent, it permitted its earnings and profits during this period to accumulate in order to meet the reasonable needs of its business. They were the first to apply computer analysis to cost controls, bakery efficiency and organizational structure. crediting McMurry University Library. About the Producer One of the most highly awarded bakeries in Italy, established in 2005 in Veneto, specialising in an artisan range of sweet and . Sat Mar 04 2023 at 09:00 am Reach Day. . UNT's history and scholarship, library special collections, plus a William Ernest Seatree [Dec. 7413], 25 B. T. A. Sick bucks a week. The capital stock and earned surplus of the predecessor corporations before the May 1, 1955, reorganization and that of petitioner immediately subsequent thereto, were as follows: Petitioner's average cash balance for the four weeks ended July 21, 1955, was $150,293.76.2 Petitioner found this amount of cash insufficient for purposes of conducting its business.