In the forties I rose to Abilene-wide fame as a singer on a radio gospel show. 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. University of North Texas Libraries, The Portal to Texas History, Business, Economics and Finance - Stores - Bakeries, 1 Many cheeses have been coated in ash to enhance flavor and add a smoky undertone, but this is the first time that charcoal has been fully incorporated into a cheese. His signature on the check didnt mean that FDRs son had been born again. He controlled the station I sang for. The design of the encasement is such that the piece looks like a loaf of bread in three dimensions, while only being a two-dimensional object. Rands, Inc. [Dec. 9491], 34 B. T. A. Subsequently, the Court noted that " the decisions of the federal courts in primary-line-competition cases . In 1959, he merged that business with Campbell Taggart, and a few years later, he became chairman and CEO of the company. We do not believe that this is a correct interpretation of the applicable regulations. In addition to that amount, petitioner paid interest thereon, and also attorneys' fees in the amount of $26,000. Mr. Edward W. Napier, Lubbock, Tex., for respondent. 9, 1961), certiorari denied 368 U.S. 948 (1961); Kerr-Cochran, Inc. [Dec. 22,934], 30 T.C. Lakewood, CO. 972. Real Good Kitchen is a shared kitchen community that provides food entrepreneurs with the equipment, production space and resources they need . One such factor is the rapid growth of the four predecessor corporations between October 1946 and May 1, 1955, whereby they acquired 14 additional plants and doubled their number of employees. Historic newspapers digitized from across the Red River. Sponsored These loans proved unduly restrictive. The executives invested substantially in new technology to open new markets, specifically taking pan variety bread to national distribution. As noted above, the parties stipulated that Angus, during the years in issue, was engaged in the agricultural and livestock business. Public Company Incorporated: 1930 Employees: 21,600 Sales: $4.77 billion Stock Exchanges: New York Midwest Pacific The Mead Corporation is one of the world ' s largest manufacturers of paper and related products. All Rights Reserved, National Bakery Associations and Resources, Baker Equipment Manufacturers and Allieds. However, investment by a corporation of its earnings and profits in stock and securities of another corporation is not, of itself, to be regarded as employment of the earnings and profits in its business. This corporate entity was filed approximately seventy-four years ago on Tuesday, November 8, 1949 , according to public records filed with Texas Secretary of State. However, one of the most popular and unusual shapes to collect is the bread loaf shape. When the case was first here, Moore v. Mead Service Co., 10 Cir., 184 F.2d 338, on appeal from a judgment of the trial court dismissing the . We finally persuaded him to let us do such radio standards as Telephone to Glory and Lifes Railway to Heaven (Keep your hand upon the throttle,/And your eye upon the rail). Cf. Count your blessings! It has been viewed 1144 times, with 31 in the last month. 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. God Be With You Closing theme of Meads Quartet. We've been unable to identify the creator(s) of this photograph. Obverse reads: "Mead's Fine Bread" The encasement has wrapper lines on the right end to give it a 3-D look. 20, 1948 (These corporations will hereinafter sometimes be referred to as the predecessor corporations.) Mortgage financing could not be obtained for the installation of these special features, and petitioner found it necessary to advance to Mead Industries, Inc., approximately $80,000 for their installation.5. On February 1, 1956, petitioner refinanced them with a $600,000 loan from The Penn Mutual Life Insurance Company (hereinafter referred to as the Penn Mutual loan). The director, who had never heard Meads Quartet and didnt approve of radio gospel hymn singing in the first place, sent me. My taste buds may have been a bit off, but a couple of the dishes came across as too salty or surprisingly sour to me. Mead's Fine Bread Co., 348 U.S. 115, 75 S. Ct. 148, 99 L. Ed. In order to obtain these loans, it was required (1) to give a chattel mortgage on all of its trucks and baking equipment, and (2) to agree that it would not acquire or construct any additional bakeries or related buildings or facilities without prior permission from the banks. The cost of these additions exceeded depreciation allowed during this period by approximately $170,000. Petitioner was engaged in a purely intrastate bakery business. (Experimental). We broke up my senior year. Argued Nov. 17, 1954. One such reason was the threat of reduced profits because of price cutting by chain stores which, in addition to their retail trade, operated bakeries. Nor can it be bound by stipulations of fact which appear contrary to the facts as disclosed by the record. It maintains its books and records and files its Federal income tax returns on the basis of a fiscal year ended April 30. [61-2 USTC 9562] 292 F.2d 470 (C. A. extended guidance on usage rights, references, copying or embedding. 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. Rehearing Denied Jan. 31, 1955. It never failed. Bins Descriptive information to help identify this photograph. However, the evidence petitioner presented as to the specific amount of these needs is somewhat inconclusive. Section 1.1502-31(a)(19)(i), Income Tax Regs. On September 14, 1961, petitioner also purchased all of Mead's Frozen Foods, Inc., for $97,727. They only cut the price in Santa Rosa, but not in other Texas or New Mexico locations. Although the record leaves us unconvinced that Angus at any time ever entertained an expectation that its cattle raising activities would be profitable, it is clear that when petitioner acquired Angus, no such expectation existed. When petitioner borrowed $400,000 from two banks in 1955, the Meads personally guaranteed petitioner's notes. 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. RECIPE BELOW:This is a super simple bread using our Self Rising flour - http://youtu.be/oG3UYanvMjMYou can make this with ale, but Mead, which is a honey ale. Petitioner's total accounts receivable in 1956 were $487,000 as compared to $730,000 in 1959. Free delivery for many products. Respondent sells bread in Farwell, Texas, a town which it serves with a bread truck operating out of Clovis, New Mexico. Mr. Lane succeeded him as chairman and CEO until his retirement in 1987. Thereafter, Angus' sole activity, aside from renting the home on its farm to Ed V. Mead and selling off unneeded equipment, was to lease, on a share crop basis, a portion of its land for the cultivation of hay. Count your many blessings, evry doubt will fly, And you will be singing as the days go by. His business was wholly intrastate. To Join the "Encased Collectors" Email List email me: Please visit the Numismatic sites below for additional information on coin collecting. One large Holy Roller congregation booked us and told me there wouldnt be any need for us to be there before 10 p.m. because things didnt really get started until then. The bakery business has been subject to dramatic innovations. If the answer to this issue is in the affirmative, we must determine for each year in question what part of petitioner's earnings and profits, if any, has been retained for the reasonable needs of its business. Creator: Unknown. a digital repository hosted by the During its fiscal year ended April 30, 1957, petitioner advanced $50,000 to Angus, and during its fiscal year ended April 30, 1958, it advanced $77,889.62. It appears to have been made to use with a key chain as it has a hole at one end. Thus, the use of such new products and devices required petitioner to spend substantial amounts for advertising and new equipment such as pans and other machinery. 4615. Can College Sports Get More Absurd Than SMU Joining the Pac-12? The Court said, "Congress by the Clayton Act and Robinson-Patman Act barred the use of interstate business to destroy local . Trash Compactor Parts & Accessories. We report on vital issues from politics to education and are the indispensable authority on the Texas scene, covering everything from music to cultural events with insightful recommendations. 396 (1932), affd. Physical Description 1 photograph : positive, col. ; 35 mm. 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. Another reason was to create a reserve against losses that might be incurred in connection with possible labor disputes. Petitioner filed its returns with Angus on a consolidated basis. Read more The cattle were sold at auction in October 1955. MEAD'S FINE BREAD COMPANY, a Corporation: Docket Number: No. 4615. Harry Grant suffered a near-death experience when he was a 12-year-old, he revealed. Petitioner contends that for purposes of computing this credit it is permitted to consider the needs of Angus, even though Angus may not have been actually engaged in any business, in determining the reasonable needs of the business of the group. Moreover, although petitioner's four-week cash balance for its fiscal year ended April 30, 1956, was $360,283.37, the major portion of this amount consisted of loan proceeds, namely, $281,000 borrowed from The Penn Mutual Life Insurance Company on February 1, 1956. 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. In the lower-left corner of map below, select either the pin () or the box (). 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. 148, 99 L.Ed. The regular bassa "grown man," as I thought of ithad been. collections, new partnerships, information on research, trivia, Although the basic equipment for this process did not become available in the areas in which petitioner's plants were located until some time in 1958, petitioner had, by 1956, made definite plans to begin converting its ten largest bakery plants to the continuous mix process at such time as the equipment could be obtained. Mead Service Co., 10 Cir., 184 F.2d 338, on appeal from a judgment of the trial court dismissing the action, . I can feel the current moving down the line. 4615_1 in the Court of Appeals for the Tenth Circuit. A car was out of the question. In 1950, petitioner's four predecessor corporations employed a total of 524 persons. was provided to The Portal to Texas History It also distributes school and office supplies made by Mead and other companies and has . However, it may not do so if the subsidiary is a personal holding company, an investment company, or a corporation not engaged in the active conduct of a trade or business. Every hymn was handled like a symphonyand I dont mean to imply that the horn, drum, and saxes were the only instruments; I didnt dare turn and stare, but I know I heard a banjo, strings, at least two cornets (because they tried to harmonize), something mysterious that a GI had brought back from Japan, and a set of snares rigged for marching. Although the terms of the Penn Mutual loan were somewhat less stringent than those of the bank loans, nevertheless, petitioner found them confining. But I looked at it as $4.80 an hour. However, there is one factor mentioned by respondent which bears even more intensive scrutiny, namely, the advances made by petitioner on open account to its subsidiary, Angus, during the years in question.9 Cf. Service is great. 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. to improve everyone's access to primary sources online. 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. India; UK & Ireland . Members (2): Duane D Mead / Director, President, Treasurer Box 130967, Tyler, TX 75713 Mary A Mead / Director, Secretary, Director Box 130967, Tyler, TX 75713. And You Thought Feral Hogs Were Bad. I had to hitchhike from the college to downtown because I couldnt afford a dime for the bus. In order to retain the market served by that plant, petitioner transported bread from its plant in Abilene, Texas, and incurred related expenses of approximately $450,000. To my left was a French horn, behind me was a street drum, and on Normans right were two saxophones, one a soprano. . MEAD, BILL O. 121. 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. It has some wear as to be expected, some paint loss in spots on the bottom cross plate, which only adds to the character! Context Angus passively continued to hold its farm and ranch land and pay the mortgage indebtedness to which the land was subject during the years involved solely as an investment. Under the present statutory provisions dealing with the accumulated earnings tax, unless petitioner can prove to the contrary by a preponderance of the evidence, the very fact that its earnings and profits were permitted to accumulate beyond the reasonable needs of its business is determinative of the proscribed purpose. Commissioner v. Ehrhart [36-1 USTC 9142], 82 F.2d 338 (C. A. Mr. Justice DOUGLAS delivered the opinion of the Court. MEAD'S FINE BREAD COMPANY Company Number 244244 Status Voluntary Dissolution Incorporation Date 17 August 1946 (over 76 years ago) Company Type Domestic Profit Corporation Jurisdiction New Mexico (US) Registry Page https://portal.sos.state.nm.us/BFS/on. The Mead family has been engaged in the business of manufacturing and distributing bread on a wholesale basis in the southwestern part of the United States since at least 1938. United States Tax Court.https://leagle.com/images/logo.png. Mead's Fine Bread Company - New Mexico business overview: agent, contacts, address, registration date, reports and more. ART FINE-ARTS. But he was a good sport. The company's mailing . Some of those which influenced petitioner's management to retain its earnings in order to be able to produce or utilize these innovations were: (1) "Brown and Serve" rolls; (2) "diet bread"; (3) "round bread"; and (4) the use of plastic "end seals" in wrapping loaves of bread. 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? We have found that petitioner in each of the years before us accumulated a portion of its earnings beyond the reasonable needs of its business. 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. True, I had been given a work concession by Abilene Christian College, where I was enrolled, but it was for only $20, which not only didnt cover tuition but didnt cover food, shelter, clothing, or bus fare. Abilene Library Consortium and about this topic here. collections, new partnerships, information on research, trivia, Had professional backup: steel, drums, amped lead and bass, acoustic rhythm, Autoharp, and an absolutely wonderful Baptist Sunday school piano. Petitioner's average four week cash balances for the fiscal year ended April 30, 1956, was $360,283.37. Anything? That was fabulous pay for a sixteen-year-old college freshman. 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. Messrs. Lynell G. Skarda, Dee C. Blythe, Clovis, N.M., for petitioner. Patricia Sharpe writes a regular restaurant column, Pats Pick, for Texas Monthly. Mead's Fine Bread Co. v. Moore, 208 F.2d 777, 10th Cir. (https://caselaw.findlaw.com/us-supreme-court/348/115.html - United States Supreme Court, MOORE v. MEAD'S FINE BREAD CO.(1954)), Home|Articles| On September 12, 1955, petitioner borrowed a total of $400,000 from two banks. 121. Helvering v. Nat. The piece has Mead's fine Bread on the front and the back is plain. Petitioner sold its stock in First State Bank of Amarillo on August 20, 1959, for $251,650, realizing a gain of $138,430, and used a portion of these proceeds to pay these amounts. The radio studios were atop the Hilton Hotel, twelfth floor. The amount of the receivable was paid by E. P. Mead on October 16, 1958. When the quartet gave up after Kneel at the Cross, the band played onto the clapping of the crowd. ACE Newsletter "The Casement" - PDF files available, https://caselaw.findlaw.com/us-supreme-court/348/115.html. 69, 80-82 (1958). The boycott gave Moore a complete monopoly of the bread business in Santa Rosa. In 1958, petitioner also acquired common stock in Citizens National Bank, Abilene, Texas, at a cost of $11,280.4 During the years in issue petitioner maintained a portion of its assets in the form of time deposits. They only cut the price in Santa Rosa, but not in other Texas or New Mexico locations. 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. That girl had a better knack for peacemaking than war, and even a hound like Radagon could be coaxed away from his aggressive mantras. These . In part, these time deposits were held as to reserve for the contingent tax liability. At any rate, his wife, our accompanist, hated hymns, especially our theme song. Petitioner in each of the years in issue realized a substantial profit. was provided by the McMurry University Library The Sahara Sands Motel (BELOW) became a Holiday Inn about 1963 (ABOVE) 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. Angus had the following gross receipts from the sale of hay: Neither Ed nor any other officer of Angus or petitioner devoted any of his time to the affairs of Angus.
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