In 1959, he merged that business with Campbell Taggart, and a few years later, he became chairman and CEO of the company. available in multiple sizes, descriptive and downloadable metadata available in other formats, United States - Texas - Taylor County - Abilene, /ark:/67531/metapth1165909/metadata.untl.xml, /ark:/67531/metapth1165909/metadata.dc.rdf, /ark:/67531/metapth1165909/metadata.dc.xml, /oai/?verb=GetRecord&metadataPrefix=oai_dc&identifier=info:ark/67531/metapth1165909, /ark:/67531/metapth1165909/metadata.mets.xml, /ark:/67531/metapth1165909/opensearch.xml, /stats/stats.json?ark=ark:/67531/metapth1165909, https://texashistory.unt.edu/ark:/67531/metapth1165909/. 148 99 L.Ed. 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). 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. Everyone prayed individually and out loud. Petitioner filed its returns with Angus on a consolidated basis. Doc was a lay preacher, and he often took us with him when he addressed a church in some town like Nugent or Lueders. That girl had a better knack for peacemaking than war, and even a hound like Radagon could be coaxed away from his aggressive mantras. There was little desire to wallow or linger in her former husband's company, and her heart was still heavy despite her peace with the Tarni- with Elia. 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. University of North Texas Libraries, The Portal to Texas History, Business, Economics and Finance - Stores - Bakeries, 1 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. It had also estimated construction costs of $100,000 for the Ada plant and an additional $150,000 for equipment. "Mead's Fine Enriched Bread" "Good and Fresh". 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. Doc Mead owned Meads Fine Bread bakery, and Meads Quartet sang on KRBC for fifteen minutes at noon on weekdays. During the years in issue petitioner spent a total of approximately $1,400,000 for additions to its existing plants and equipment. . He was a one of a kind true hero to all his family and friends. UNT Libraries. Their families describe them as proud Texans and leaders in their home and church communities. Petitioner was engaged in a purely intrastate bakery 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. 69, 80-82 (1958). Our guide for the night met us and slipped us in through the back door, seating us on the front row of the choir. 6, 1929), certiorari denied 280 U.S. 588 (1929); John A. Nelson Co. v. Commissioner [35-1 USTC 9164], 75 F.2d 696, 697 (C. A. 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. as well as independent and professional researchers. BILL MEAD OBITUARY. 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. to 145 L. L. MOORE, Petitioner, v. MEAD'S FINE BREAD COMPANY, a Corporation. More information about this photograph can be viewed below. Sign up for our periodic e-mail newsletter, and get news about our Bill Mack: Shamrock's Midnight Cowboy Historical Marker 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. 334. Doc admitted he had a tin ear, but since he paid the freight, his recommendation wrote the ticket. He claims that the bartender . The busy boulevard in 1965, six lanes wide with abundant centered street lights. photograph, Geographical information about where this photograph originated or about its content. They had a competitor in Santa Rosa, Texas, and Mead's cut the price of their bread from 14 to 7. As previously indicated, during the years in issue, petitioner steadily expanded its activities in the bakery business. 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. Count your blessings! He was a true golden-throat. Petitioner has failed to meet its burden of proof on this ultimate issue. 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). Mr. Justice DOUGLAS delivered the opinion of the Court. Tell us if you know the precise location of this item. Neither Ed V. Mead nor any other officer of Angus or petitioner devoted any of his time to the affairs of Angus. On September 12, 1955, petitioner borrowed a total of $400,000 from two banks. Bakery Owners Banned From Food Industry For Horrifying Violations Leave them blank to get signed up. I thought I had it made as a singing swabbie. Funerals became an almost weekly ritual. Anderson's Business Law and the Legal Environment, Comprehensive Volume (23rd Edition) Moore ran a bakery in Santa Rosa, New Mexico. Date Unknown; After I added the thyme, ham and sour cream, my husband declared, "This is it!". But he was a good sport. Moore v. Mead's Fine Bread Co. - Casetext In connection with its acquistion on May 1, 1955, of the four predecessor corporations, petitioner acquired the Angus stock, which had previously been owned by one of the predecessor corporations (hereinafter referred to as El Paso). Neither petitioner nor any of the predecessor corporations paid a taxable dividend throughout their respective existences. The Portal to Texas History, John Randolph Hopkins [Dec. 17,811], 15 T.C. 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. 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. 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. Mead and his four sons. MEAD'S FINE BREAD COMPANY, a Corporation. and Florence VanHoozer in the Bethel community east of Lawton, and was one of four kids. The cattle were sold at auction in October 1955. Petitioner in each of the years in issue realized a substantial profit. Petitioner was unable to borrow from banks on unsecured loans. 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. Abilene Library Consortium 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. Both issues are fact questions. Historic newspapers digitized from across the Red River. 10, 1948), certiorari denied 335 U.S. 911 (1949). 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. The major portion of this amount consisted of $281,000 representing proceeds from the Penn Mutual loan. As noted above, the parties stipulated that Angus, during the years in issue, was engaged in the agricultural and livestock business. * Hair Texture Spray for Men - With Sea Salt, Rice Protein Mead's Fine Bread Co. v. Moore, Court Case No. Rands, Inc. [Dec. 9491], 34 B. T. A. The company's mailing address is None Given, None Given, TX 00000. Meads Quartet didnt need all that support system. 1949 Mead's Fine Bread Unusual Loaf Shape Encased Coin Wheat Penny One C 1949 Meads Fine Bread Encased Cent - Loaf Of Bread Shape -Unusual 1949 D Encased Cent - Wonder Bread - Penny For Penny Your Best Food Buy 1949 Mead's Fine Bread Figural Loaf Bakery Good Luck Penny Encased Cent 1949 Mead's Fine Bread Encased Cent Shaped Like Loaf Of Bread Mead's was founded in 1918 by J.H. I dont want to leave the impression that Meads Quartet was irreverent or cynical, or that I was. Doc Mead owned Mead's Fine Bread bakery, and Mead's Quartet sang on KRBC for fifteen minutes at noon on weekdays. The Melbourne Storm gun has stamped himself as one of the best players in the NRL. We used some great female voices, white and black. One by one the rest got tickled and had to drop out, the organist quit playing, and I found myself, the bass, doing a solo on Some Time Well Understand, while my bereaved friend looked on with bafflement. Obverse reads: "Mead's Fine Bread" The encasement has wrapper lines on the right end to give it a 3-D look. 121. See 348 U.S. 932, 75 S.Ct. The director of Meads Quartet was a big blond guy named Fred, who worked in a downtown office. And what will be remembered of the high-flying anthems and hundred-voice-choir pieces of today? 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. Meads Fine Bread Co., his competitor, engaged in an interstate business. Real Good Kitchen is a shared kitchen community that provides food entrepreneurs with the equipment, production space and resources they need . Thus, for example, in March 1955, shortly before the reorganization occurred, one of the predecessor corporations acquired a large bakery plant in Oklahoma City, Oklahoma. Sat Mar 04 2023 at 09:00 am Reach Day. However, we also conclude that during each of its taxable years 1957 and 1958, petitioner did have reasonable business needs equal to the amount of earnings retained by it during such year, minus the amount advanced to Angus in such year. 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. MOORE v. MEAD'S FINE BREAD CO., 348 U.S. 115 (1954) | FindLaw a digital repository hosted by the 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. Both men provided leadership to industry groups including the American Bakers Association and the American Institute of Baking. An expert in cost controls, he rose through the ranks to be named controller in 1956 and vice-president, treasurer and CFO in 1965. Grocery Co. [38-2 USTC 9312], 304 U.S. 282 (1938); F. E. Watkins Motor Co. [Dec. 23,233], 31 T.C. 348 US 115 Moore v. Mead's Fine Bread Company | OpenJurist 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. Reverse is blank only showing the reverse of the coin. Although petitioner experienced no strike or other such work stoppage in any of its plants between 1950 and 1959, losses due to such disputes were a reasonable factor for petitioner's management to consider. Calvary . In 1950, petitioner's four predecessor corporations employed a total of 524 persons. The amount of the receivable was paid by E. P. Mead on October 16, 1958. Chip Gaines Bought Larry McMurtrys Historic Texas Bookstore. 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. 1094 (1936); Beim Co. v. Landy [40-2 USTC 9630], 113 F.2d 897, 900 (C. A. What responsibilities do I have when using this photograph? Serger & Overlock Machine Accessories. Anything? This amount would have been insufficient to enable petitioner to conduct its operations for one day. MEAD'S FINE BREAD COMPANY, a Corporation. Moreover, petitioner has failed to prove that the amounts advanced to Angus during such years would not have been available to distribute to its shareholders as dividends. to improve everyone's access to primary sources online. Funerals always brought out the worst in us. In 1941, he formed his own bakery, Meads Fine Bread, in Lubbock, Texas, adding three other bakery locations in New Mexico and a frozen dough factory in Abilene. 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 . Mr. Lane (1924-2000), an Army veteran and graduate of Texas A&M University, joined the Campbell Taggart accounting department in 1947. Earnings and profits of the first corporation put into the second corporation through the purchase of stock or securities or otherwise, may, if a subsidiary relationship is established, constitute employment of the earnings and profits in its own business. section 1.537-2(c)(1), Income Tax Regs.) Although the terms of the Penn Mutual loan were somewhat less stringent than those of the bank loans, nevertheless, petitioner found them confining. Decision Date: 16 January 1954: 208 F.2d 777 (1953) MEAD'S FINE BREAD CO. v. MOORE. Big Jim took an announcers job in Lubbock, Jimmy transferred to some Oklahoma college, Norman graduated and went to New York to work on his M.A. 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. Mead's Fine Bread Company filed as a Domestic For-Profit Corporation in the State of Texas and is no longer active. Mead's Fine Bread Co., 348 U. S. 115 (1954), a case based in part on 3, recognized the applicability of the Robinson-Patman Act to conduct quite similar to that with which National Dairy and Wise are charged here. 160, 169-170 (1950); Reginald C. Vanderbilt [Dec. 2059], 5 B. T. A. To my left was a French horn, behind me was a street drum, and on Normans right were two saxophones, one a soprano. But Doc remained approachable, the same sweet, tin-eared guy. The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904 standards, project requests, and our services. Listed below are those cases in which this Featured Case is cited. 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. 334. We relished these performances, since Meads bakery paid us for such off-air advertising. Petitioner's average four week cash balances for the fiscal year ended April 30, 1956, was $360,283.37. Mrs. Claude M., Baird, Texas.. To learn more about cookies and how ASB uses them please visit our Privacy Policy page. They reported taxable income thereon which put them in tax brackets of 53 percent, 56 percent and 56 percent for these years. Pursuant to section 537, the term "reasonable needs of the business" includes the reasonably anticipated needs of the business. Mead's Fine Bread operated in Texas and New Mexico. Fills my evry longing, Keeps me singing as I go. Ed V. Mead repaid the amount loaned to him by petitioner during its fiscal year ended April 30, 1958. 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 . 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. Mead Service Co., 10 Cir., 184 F.2d 338, on appeal from a judgment of the trial court dismissing the action, . It also distributes school and office supplies made by Mead and other companies and has . 7, 1935), affirming [Dec. 8135] 28 B. T. A. Sign up for our periodic e-mail newsletter, and get news about our The Mead Bread Company maintained plants at Lubbock and Big Spring, Texas, and at Hobbs, Roswell, and Clovis, New Mexico. Substantially all of the expenses claimed by Angus represented deductions for interest, depreciation, taxes, and insurance. 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. Mead's Fine Bread Company Argued: Nov. 17, 1954. These structures were, therefore, suitable solely for baking purposes. The bakery business has been subject to dramatic innovations. So it was an answer to prayermy mothers prayerwhen E. P. Doc Mead pulled me aside after church one Sunday and asked if I would like to sing in Meads Quartet. For partners and peer institutions seeking information about Cf. 348 U.S. 115 - law.resource.org Since petitioner did not submit a statement of grounds in response to the notification sent by respondent pursuant to section 534(b), petitioner must bear the burden of proving that all or any part of its earnings and profits has not been permitted to accumulate beyond the reasonable needs of its business. Recent filings for MEAD'S FINE BREAD COMPANY 14 Jun 1960 At all times relevant hereto, it was contemplated that petitioner would acquire the stock of Mead Co., Inc., after it had either paid or refinanced the loan from Penn Mutual. Mead's Fine Bread Co. v. Moore | Tenth Circuit | 12-11-1953 | www 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. This photograph is part of the following collections of related materials. They have continued to increase since that time. 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. N. E. 8th (Amarillo Blvd.) Rehearing Denied Jan. 31, 1955. Creation Date: Unknown. Fred joined the Air Force (and died in the service), and Norman, our second tenor, became an airman too. However, the evidence petitioner presented as to the specific amount of these needs is somewhat inconclusive. Doing business as: Mead-Raymond . Angus also owned a farm of approximately 180 acres in Albuquerque which it acquired for approximately $175,000. Wichita Falls News - Zan Home Page While working as program director at station KCUL Photographed By Craig Doda, May 11, 2020 2. Mead's Fine Bread Co. No. . 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. United States Tax Court.https://leagle.com/images/logo.png. Shortly after its incorporation on April 27, 1955, petitioner, in a tax-free reorganization, acquired the assets and assumed the liabilities of the following corporations, which were then dissolved: (These corporations will hereinafter sometimes be referred to as the predecessor corporations.)
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mead's fine bread company