These corporations purchase their flour and bread wrappers as a unit. 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. Bill Mack: Shamrock's Midnight Cowboy Marker in Ft. Worth, Mack became the announcer for the great Bob Wills. collections, new partnerships, information on research, trivia, If your yeast has reached its alcohol tolerance this probably wouldn't work. 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. As reserve against this contingency, petitioner purchased in 1956 securities consisting of U. S. Government bonds, Series F, at a cost of $17,031.11 and common stock in the First State Bank of Amarillo at a cost of $5,100. 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. 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. 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). We use cookies to ensure that we give you the best experience on our website. 334. When it started I saw why. These factors include petitioner's plans and efforts: (1) To acquire additional bakery plants; (2) to diversify into new fields, such as the production and wholesale distribution of potato chips, frozen baked goods and related products; (3) to purchase new equipment for its baking plants, including automated equipment for 10 of its plants; (4) to create a reserve against losses due to labor disputes; and (5) to increase its surplus to cope with the trend in the baking industry of extending more credit to customers and longer receivables. Fire Ants Have Unleashed Chaos in Texas for Decades. At any rate, his wife, our accompanist, hated hymns, especially our theme song. Funerals became an almost weekly ritual. Sponsored While working as program director at station KCUL Photographed By Craig Doda, May 11, 2020 2. This photograph's creation, acceptance, or submission date is unknown. And what will be remembered of the high-flying anthems and hundred-voice-choir pieces of today? Featuring thousands of newspapers, photographs, sound recordings, technical drawings, and much more, this diverse collection tells the story of Texas through the preservation and exhibition of valuable resources. New Mexico business catalog. The proposed tax deficiencies were finally determined to be $149,393.66, per Tax Court decision of November 10, 1959. Bakery & Bread Shop All Sliced Bread . Frankly, being a hymn singer didnt cut much rank in the U.S. Navy. When we wanted to bring em to their knees, we did The Old Rugged Cross. We sang the first verse in close harmony, with just a little piano (On a hill far away stood an old rugged cross). My first check as a radio gospel singer on KRBC in Abilene was for $6 and was signed by Elliott Roosevelt. Click on the case name to see the full text of the citing case. Section 535(c). The loan agreement also prevented petitioner from acquiring any subsidiaries in addition to Mead's Angus Mesa, Inc. Mr. Edward W. Napier, Lubbock, Tex., for respondent. 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. 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. We have set forth in our Findings of Fact with some degree of particularity the various factors which petitioner claims caused it to retain all of its earnings during this period. Angus was organized by El Paso on August 12, 1953, to engage in raising and breeding an elite show herd of Aberdeen Angus cattle. On the second verse Jimmy did a solo over our humming (Oh, that old rugged cross so despised by the world,/Has a wondrous attraction for me), and the last verse we did a cappella, phrasing it tightly, bring the piano back in for the chorus. Although petitioner acquired a plant site in Tucson on March 13, 1958, it later abandoned the project after the years in issue because a competitor that already serviced that market announced that it was opening a plant in Tucson. 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. . Refrigerator Parts & Accessories. My mead has about 12% alcohol, but the yeast could go to 18%. The cattle were sold at auction in October 1955. 4615_1 No tags have been applied so far. And what a choir! large collection of U.S. government documents. Creation Date: Unknown. 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. Sat Mar 04 2023 at 09:00 am Reach Day. photograph He was a true golden-throat. People and organizations associated with either the creation of this photograph or its content. But it wasnt the same. John Randolph Hopkins [Dec. 17,811], 15 T.C. Sewing Notions & Supplies The best restaurants in town were located along "The Main Street of America" in the '60s. In 1953, E. P. Mead made a trip to New Jersey to inspect a bakery plant that had converted to the continuous mix method of manufacturing bread. In addition to that amount, petitioner paid interest thereon, and also attorneys' fees in the amount of $26,000. Chip Gaines Bought Larry McMurtrys Historic Texas Bookstore. 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. sold the company to Fehrmead Food Corp., a Dallas-based holding company. I tell you, not a dry eye in the house. 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. accessed March 4, 2023), 90 (1954), affd. On March 21, 1961, respondent, by registered mail and pursuant to section 534, notified petitioner that respondent intended to issue a deficiency notice for the taxable years ended April 30, 1956, through April 30, 1958, based on section 531. However, because of our finding that a portion of its earnings and profits were accumulated to meet the reasonable needs of its business during its taxable years ended April 30, 1957 and 1958, petitioner is entitled to a consolidated accumulated earnings tax credit based upon such finding. 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. In fact, the orchestra didnt want to quit. We are servants of God, Bringing in the Sheaves, Well Work Till Jesus Comes, Far and near the fields are teeming, with the waves of ripened grain, Take your lives in your hand, to the work while tis the daySpeed Away!. Mead's fine bread company is a New Mexico Foreign Profit Corporation filed On November 21, 1949. 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. Your support aids students of all ages, rural communities, to improve everyone's access to primary sources online. [4 USTC 1299] 72 F.2d 67 (C. A. D. C. 1934); cf. The related events are co-sponsored by the Fine Arts Department, the Theater and Dance Department, and the Women's and Gender Studies Department. Basic information for referencing this web page. section 1.537-2(c)(4), Income Tax Regs. See 348 U.S. 932, 75 S.Ct. 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 boosts volume, adds texture, and promotes growth. By His counsels guide, uphold you, With His sheep securely fold you; God be with you till we meet again! It maintains its books and records and files its Federal income tax returns on the basis of a fiscal year ended April 30. Rands, Inc. [Dec. 9491], 34 B. T. A. ACE Newsletter "The Casement" - PDF files available, https://caselaw.findlaw.com/us-supreme-court/348/115.html. In 1957 and 1958 it purchased additional stock in this bank at a cost of $16,000 and $38,930. Check out our Resources for Educators Site! January 2023 Reader Quiz: What Did You Learn? Meads cut the price of bread in half in Petitioner's average four week cash balances for the fiscal year ended April 30, 1956, was $360,283.37. Reserved Copyright Bruce Perdue. ); and (3) petitioner's advances on open account to its two principal shareholders, E. P. Mead and Ed V. Mead (cf. God be with you till we meet again! The Mead Corporation. Petitioner did not submit a statement of grounds, as permitted under section 534(c). 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. New Mexico company code: 268904. Messrs. Lynell G. Skarda, Dee C. Blythe, Clovis, N.M., for petitioner. Both men provided leadership to industry groups including the American Bakers Association and the American Institute of Baking. Filed: 1954-01-16 Precedential Status: Precedential Citations: 208 F.2d 777 Docket: 4615_1 In essence, the pertinent regulations provide that in computing the consolidated accumulated earnings tax for an affiliated group, which is not a mere holding or investment group,13 there shall be deducted from consolidated taxable income a consolidated accumulated earnings credit. Mr. Justice DOUGLAS delivered the opinion of the Court. Doing business as: Mead-Raymond . MEAD'S FINE BREAD COMPANY branch Company Number 268904 Status Withdrawal Incorporation Date 21 November 1949(over 72 years ago) Company Type Foreign Profit Corporation Jurisdiction New Mexico (US) Branch Branch of MEAD'S FINE BREAD COMPANY(Texas (US)) Inactive Directors / Officers SECRETARY OF STATE, agent, 21 Nov 1949- Registry Page A naturally leavened artisan fruited bread with sweet bites of peach and semi-candied apricot complemented by the fragrance of lavender. 141 (1959), affd. . When the war was over I returned to college and, despite the GI bill, the need for extra income arose. He was elected president in 1982. UNT Libraries. Real Good Kitchen. Mead and Faye Pauline Mead in Abilene, Texas and died April 17, 2006 in Dallas, Texas after a long battle with prostate cancer. Mead's Fine Bread Co., 348 U.S. 115, 75 S. Ct. 148, 99 L. Ed. All Rights Reserved, National Bakery Associations and Resources, Baker Equipment Manufacturers and Allieds. Experience the joy of artisan baking using first-rate ingredients from this award-winning Venetian bakery. As we arived, we could hear the service going on two blocks from the church house. Neither petitioner nor any of the predecessor corporations paid a taxable dividend throughout their respective existences. BILL MEAD OBITUARY. 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. Petitioner's average cash balance for the four weeks ended March 1, 1956, excluding the proceeds of the Penn Mutual loan, was $40,733.86. We were too good. The cattle were sold at auction in October 1955. Texas Lege Watch: A House Republican Fights for Chicken Freedom, Texas Monthly Recognized by ASME in the 2023 National Magazine Awards. 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. consistently emphasize the unreasonably low prices and the predatory intent of the defendants." The major portion of this amount consisted of $281,000 representing proceeds from the Penn Mutual loan. This loan also prohibited petitioner from acquiring any new corporations or assets by merger, or in return for the issuance of its stock. Geographical information about where this photograph originated or about its content. Mead's Fine Bread Company filed as a Domestic For-Profit Corporation in the State of Texas and is no longer active. If the taxpayer's ownership of stock is less than 80 percent in the other corporation, the determination of whether the funds are employed in a business operated by the taxpayer will depend upon the particular circumstances of the case. This company was engaged in the business of manufacturing and selling bread. Unique identifying numbers for this photograph in the Portal or other systems. Subsequently, the Court noted that 'the decisions of the federal courts in primary-line-competition cases * * * consistently emphasize the unreasonably low prices and the predatory intent of the defendants.' They had a competitor in Santa Rosa, Texas, and Mead's cut the price of their bread from 14 to 7. I thought I had it made as a singing swabbie. It believed that the adoption of these two lines would be advantageous because it already possessed a ready-made system which could distribute these additional products without any increase in overhead. University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; Trash Compactor Parts & Accessories. Moore v. Mead's Fine Bread Co., 348 U.S. 115 (1955) - Free download as (.court), PDF File (.pdf), Text File (.txt) or read online for free. But he was a good sport. Feb 2018 - Present5 years 1 month. Between May 1, 1955, and April 30, 1956, it added some 41 new delivery routes to service Oklahoma City, Ada, and Tulsa, Oklahoma. I night-managed a drive-in cafe right up to the week before graduation. Fred joined the Air Force (and died in the service), and Norman, our second tenor, became an airman too. In 1955, petitioner had 1,037 employees. This Court cannot be bound by stipulations as to law. He upped my wages to $7.50. I like to serve this rich, saucy entree with a salad and homemade French bread. Argued Nov. 17, 1954. A week later I was shipped out to the U.S. Marine Corps, and for two years the only hymn I sang was The Marines Hymn (First to fight for right and freedom/And to keep our honor clean). Moreover, if the advance had not been made to Angus during the years in issue, there would have been ample earned surplus and ample cash on hand to permit the distribution of a dividend in each of the years involved. MEAD'S FINE BREAD CO. v. MOORE. These jingles ran on Wichita Falls radio, and TV in the late 1950's and into the 1960's. Mead's Bakery was founded in 1918 by J.H. This fact is determinative of the purpose to avoid the income tax with respect to its shareholders unless petitioner shall prove to the contrary by a preponderance of the evidence. Section 1.1502-31(a)(19)(i), Income Tax Regs. We had some touching arrangements for the lovelier songsI broke up many a time as we hummed under a tenor solo (Sweet hour of prayer, sweet hour of prayer,/Thy wings shall my petition bear) or sang What a Friend We Have in Jesus., So many of those old hymns were laboring songs: Work for the Night Is Coming, To the work! Respondent sells bread in Farwell, Texas, a town which it serves with a bread truck operating out of Clovis, New Mexico. Doc Mead owned Meads Fine Bread bakery, and Meads Quartet sang on KRBC for fifteen minutes at noon on weekdays. is part of the collection entitled: Tell us if you know the precise location of this item. Was born December 22, 1919 to W.L. 529 (1933), reversed on another issue [36-1 USTC 9019] 296 U.S. 374 (1935); McClintock-Trunkey Co. [Dec. 19,316], 19 T.C. Petitioner, also on September 14, 1961, purchased from E. P. Mead at his cost, $66,326.94, all of the outstanding stock in Bakers Merchandise Company, Inc., Amarillo, Texas. When the quartet gave up after Kneel at the Cross, the band played onto the clapping of the crowd. Follow the links below to find similar items on the Portal. When the young peoples class offered special music at the little church we attended (it had no choir), I was always the bass. Listed below are the cases that are cited in this Featured Case. Petitioner actually converted two of its plants in 1961 and another in 1962, at an aggregate cost of $451,125.32. They all market their bread under the name 'Mead's Fine Bread' and promote the product through a common advertising program. (3) Loans to another corporation, the business of which is not that of the taxpayer corporation, if the capital stock of such other corporation is owned, directly or indirectly, by the shareholder or shareholders of the taxpayer corporation and such shareholder or shareholders are in control of both corporations. Reverse is blank only showing the reverse of the coin. If you fill out the first name, last name, or agree to terms fields, you will NOT be added to the newsletter list. Abilene Library Consortium Argued Nov. 17, 1954. 121 Argued November 17, 1954 Decided December 6, 1954 348 U.S. 115 CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE TENTH CIRCUIT Syllabus Petitioner sued respondent for treble damages for violations of 2 of the Clayton Act and 3 of the Robinson-Patman Act. Historic newspapers digitized from across the Red River. crediting McMurry University Library. UNT's history and scholarship, library special collections, plus a 1094 (1936); Beim Co. v. Landy [40-2 USTC 9630], 113 F.2d 897, 900 (C. A. Mr. Justice DOUGLAS delivered the opinion of the Court. For the Tucson plant, it had estimated construction cost of $100,000 and costs for equipping the plant of $250,000. Petitioner also has the burden of proof as to the ultimate issue of whether petitioner during the years in question was availed of for the purpose proscribed in section 532. 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. Anything? We've identified this He thought I didnt have a good voice, because I couldnt take that bass lead in Give the World a Smile Each Day the way the Stamps-Baxter Quartet bass did. My moral code today is based as much on my hymn singing as on my churchgoing (Yield not to temptation, For yielding is sin;/Each victry will help you Some other to win). Order Enlightenment Wines Memento Mori Dandelion Mead 375-ml bottle online from The Lunar Inn & Tinys Bottle Shop. 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. 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. 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. Petitioner is a Delaware corporation with its principal office in Amarillo, Texas. Mead and his four sons. In the lower-left corner of map below, select either the pin () or the box (). Patrons have access to their extensive collections, which include more than one million items through the library and the Abilene Library Consortium. We relished these performances, since Meads bakery paid us for such off-air advertising. 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. Bins Sick bucks a week. During the years in issue petitioner spent a total of approximately $1,400,000 for additions to its existing plants and equipment. The regular bassa "grown man," as I thought of ithad been. Researchers, educators, and students may find this photograph useful in their work. large collection of U.S. government documents. He claims that the bartender . the Indianapolis Brewing Company, as his bondsmen, for alleged injuries received in the defendant's place of business. 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. Petitioner's stock was then distributed to the stockholders of the predecessor corporations. Doc admitted he had a tin ear, but since he paid the freight, his recommendation wrote the ticket. 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. 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. Request UpdateGet E-Mail Alerts Text Citations (65) Cited By (4) 208F.2d777 MEAD'S FINE BREAD CO. v. N. E. 8th (Amarillo Blvd.) ; Raymond I. Smith, Inc. [Dec. 23,812], 33 T.C. These jingles ran on Wichita Falls radio, and TV in the late 1950's and into the 1960's. Mead's Bakery was founded in 1918 by J.H. Some of the facts have been stipulated, and the stipulations of facts, together with the exhibits attached thereto, are incorporated herein by this reference. The yeast I used fermented the mead to dry and still had a much higher alcohol tolerance.
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