They have continued to increase since that time. Mead's Fine Bread Co. v. Moore, Court Case No. 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. For partners and peer institutions seeking information about 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. Section 1.537-3(b), Income Tax Regs. A chaplains assistant, also named Greene, who later starred at Westminster Choir College, called me at midnight, asked me if my story of singing bass on the radio was a lie, and ordered me to report at 0700 to form the Navy Quartet and practice for feature presentation that afternoon. Click on the case name to see the full text of the citing case. Website unavailable outside U.S. Service is great. We relished these performances, since Meads bakery paid us for such off-air advertising. is part of the collection entitled: The principal issue remaining for decision is whether petitioner is subject to tax under section 5311 with respect to all or any part of the earnings retained by it in any of the years involved herein. Rich in sea salt and amino acids, our formula instantly lifts limp hair from the roots, while Fo-Ti and hydrolyzed rice protein improve hair growth and density in the long term. This photograph's creation, acceptance, or submission date is unknown. 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. Neither petitioner nor any of the predecessor corporations paid a taxable dividend throughout their respective existences. Lane were chairman, CEO and president of The Earthgrains Co. (previously Campbell Taggart, Inc. and today part of Bimbo Bakeries USA), Dallas, Texas. University of North Texas Libraries, The Portal to Texas History, Business, Economics and Finance - Stores - Bakeries, 1 as well as independent and professional researchers. 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. Jos R. Ralat is Texas Monthlys taco editor, writing about tacos and Mexican food. Messrs. Lynell G. Skarda, Dee C. Blythe, Clovis, N.M., for petitioner. Neither petitioner nor any of the predecessor corporations has ever declared or paid a taxable dividend. Count your many blessings, evry doubt will fly, And you will be singing as the days go by. Petitioner's stock was then distributed to the stockholders of the predecessor corporations. No. 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. By His counsels guide, uphold you, With His sheep securely fold you; God be with you till we meet again! Subsequently, the Court noted that " the decisions of the federal courts in primary-line-competition cases . Mr. Lane (1924-2000), an Army veteran and graduate of Texas A&M University, joined the Campbell Taggart accounting department in 1947. We've created an to improve everyone's access to primary sources online. 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. Abilene Library Consortium and ; Raymond I. Smith, Inc. [Dec. 23,812], 33 T.C. 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 There is only one bread shape that I know about and that is the Mead's Fine Bread encased. Do they still sing The Old Rugged Cross? 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. However, the evidence petitioner presented as to the specific amount of these needs is somewhat inconclusive. On September 14, 1961, petitioner also purchased all of Mead's Frozen Foods, Inc., for $97,727. 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 . Sick bucks a week. Mead's Fine Bread Co., 348 U.S. 115, 75 S. Ct. 148, 99 L. Ed. In 1958 they consolidated the company. crediting McMurry University Library. Descriptive information to help identify this photograph. United States Tax Court.https://leagle.com/images/logo.png. Thus, for the period during which the Penn Mutual loan was outstanding, the only means by which petitioner could finance the acquisition of new plants, diversification into new lines of business, or the purchase of equipment to any substantial extent was by the retention of earnings. Check out our Resources for Educators Site! Sponsored Petitioner in each of the years in issue realized a substantial profit. (https://texashistory.unt.edu/ark:/67531/metapth1165909/m1/1/: Fourteen of these plants were acquired between 1946 and May 1, 1955. Mr. Edward W. Napier, Lubbock, Tex., for respondent. Everyone prayed individually and out loud. These corporations maintain plants at Lubbock and Big Spring, Texas, and at Hobbs, Roswell, and Clovis, New Mexico. Then pointing to section 1.537-3(b), Income Tax Regs.,11 petitioner asserts (1) that since it owned more than 80 percent of the outstanding stock in Angus, the business of Angus should be considered as petitioner's business and (2) that petitioner was entitled to utilize its earnings for the reasonable business needs of its subsidiary, which were to pay various installments of Angus' indebtedness as they became due during the years 1956 through 1958.12 It is petitioner's further contention that even if Angus were not actively engaged in a business, since petitioner filed its returns on a consolidated basis with Angus, it was, nevertheless, entitled to a consolidated accumulated earnings credit, pursuant to section 1.1502-31(a)(19), Income Tax Regs., based on the amount of its earnings retained for the reasonable needs not only of its own business, but also the reasonable needs of its affiliate, Angus. To Join the "Encased Collectors" Email List email me: Please visit the Numismatic sites below for additional information on coin collecting. The last day she played, as we finished the program she slammed down a violent chord and screamed, There, you goddamn bunch of musical maniacs, and the mike was still open. These loans proved unduly restrictive. 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. As of May 1, 1955, the equipment in many of petitioner's plants was obsolete, worn out, and in need of replacement. Therefore, we conclude that the advances on open account to Angus during petitioner's taxable years 1956 through 1958 represent unreasonable accumulations of surplus. This recipe has evolved over the past eight years. It had been contemplated that petitioner would acquire direct control of this business when it was free of the conditions imposed by said loan agreement. 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. View a full description of this photograph. 1249 (1927), affd. 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! This is an appeal from a verdict and judgment in favor of the plaintiff-appellee in an action for treble damages under the Robinson-Patman Amendment to the Clayton Act, 15 U.S.C.A. Like most kids in that time he enjoyed fishing, playing in the creek and playing catch with his older brother, Billy B., who later played in the minor leagues. Geographical information about where this photograph originated or about its content. large collection of U.S. government documents. 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. Serger & Overlock Machine Accessories. 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. 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. [48-2 USTC 9346] 169 F.2d 186 (C. A. And what a choir! Trash Compactor Parts & Accessories. The Mead Corporation is one of the world's largest manufacturers of paper (producing more than 1.7 million tons each year) pulp, and lumber. Pursuant to section 537, the term "reasonable needs of the business" includes the reasonably anticipated needs of the business. By using this website, you are consenting to the use of cookies. Included among these factors are: (1) Petitioner's advances on open account to Mead Industries, Inc. (cf. Thus, in our opinion the amounts advanced to Angus during the period in issue constitute investments unrelated to petitioner's business. At the time petitioner acquired the stock of Angus in connection with the May, 1, 1955, reorganization, petitioner's management decided to discontinue Angus' cattle raising activities because they constituted too great a drain on petitioner's working capital. 7, 1935), affirming [Dec. 8135] 28 B. T. A. 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 sponsor was a bakery; the subject was the Bread of Life. Here are some suggestions for what to do next. The piece has Mead's fine Bread on the front and the back is plain. December 6, 1954, the United States Supreme Court found that Mead's Fine Bread was in violation 2 of the Clayton Act and 3 of the Robinson-Patman Act this was a Landmark case in interstate competition. Sewing Notions & Supplies The cattle raising operation took place on an 1800 acre ranch owned by Angus in Albuquerque, New Mexico. I hate to admit, even at this distance, that I brazenly pretended it was grief choking us up. The consolidated accumulated earnings credit is. Once, a dozen years ago, a bunch of us even made an LP of some old gospel swingers. accessed March 4, 2023), Once, in Philadelphia, I enjoyed a comeback. 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. is part of the collection entitled: As noted above, the parties stipulated that Angus, during the years in issue, was engaged in the agricultural and livestock business. 121. 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. Check out our Resources for Educators Site! 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. I never sang much after I got out of college. 4615. The company's mailing address is None Given, None Given, TX 00000. 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. 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. They all market their bread under the name 'Mead's Fine Bread' and promote the product through a common advertising program. The encasement is approximately 2 inches wide by 1 at its tallest point. Petitioner actually converted two of its plants in 1961 and another in 1962, at an aggregate cost of $451,125.32. Explore menu, see photos and read 622 reviews: "Very nice hidden gem. Bakery & Bread Shop All Sliced Bread . . What responsibilities do I have when using this photograph? However, one of the most popular and unusual shapes to collect is the bread loaf shape. My mead has about 12% alcohol, but the yeast could go to 18%. When the war was over I returned to college and, despite the GI bill, the need for extra income arose. and at Hobbs, Roswell, and Clovis, New Mexico. Music has always had more effect on my emotions than the spoken word. Mead's Fine Bread Co. v. Moore, 208 F.2d 777, 10th Cir. [4 USTC 1299] 72 F.2d 67 (C. A. D. C. 1934); cf. Hope Toole, Muscle Shoals, Alabama. Petitioner's books reflected advances on open account to E. P. Mead in the amount of $17,000 as of April 30, 1958, and open account advances to Ed V. Mead in the amount of $9,607.26 as of April 30, 1956, and $8,889.62 as of April 30, 1957. He was a graduate of Abilene High School and began a career as bread route salesman for his father and uncle's bakery in Abilene. We were announced in proper fashion, to a burst of enthusiastic applause, then we launched into the liveliest set we had: We Shall See the King Someday, At the Cross, Give Me That Old-time Religion, Gipsy Smiths Jesus Saves, with, you may be sure, full symphonic accompaniment. Harold D. Rogers, for the respondent. . He appointed me to reorganize the quartet, took out half a page in the newspaper to announce itand paid us $15 a week. 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. Petitioner was engaged in a purely intrastate bakery business. 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/. Mead's Fine Bread operated in Texas and New Mexico. 121. Funerals became an almost weekly ritual. Citations are also linked in the body of the Featured Case. It had also estimated construction costs of $100,000 for the Ada plant and an additional $150,000 for equipment. Angus also owned a farm of approximately 180 acres in Albuquerque which it acquired for approximately $175,000. 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. 90 (1954), affd. 334. We've created an There was a trend in the baking industry toward more credit and larger receivables. This 297, 304 (1952), reversed on another issue [55-1 USTC 9110] 217 F.2d 329 (C. A. (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. Recent filings for MEAD'S FINE BREAD COMPANY 14 Jun 1960 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). 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. Moreover, there are, in addition, several factors in the record indicating that one of the purposes of the accumulations during the period before us was to shield the shareholders from taxation. All were visually striking. Mead's Fine Bread Co., 348 U.S. 115 , where such pricing was held violative of 2 (a). 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. I had to hitchhike from the college to downtown because I couldnt afford a dime for the bus. Courthouse Plaza Northeast Dayton, Ohio 45463 U.S.A. (513) 495-6323. Mr. Lane succeeded him as chairman and CEO until his retirement in 1987. Our guide for the night met us and slipped us in through the back door, seating us on the front row of the choir. Petitioner and its affiliate, Angus, had gross income, cost of goods sold, operating expenses, and taxable income6 for the years in question, as follows: Petitioner retained all of its earnings during the years in issue. try Mrs. Bairds. Or was that a legend? In 1954 the company was sued by a competitor The Moore Bakery. Unique identifying numbers for this photograph in the Portal or other systems. In order to conserve working capital and to present a more favorable balance sheet, petitioner chose to occupy these buildings under leases, rather than to purchase or construct such buildings. UNT's history and scholarship, library special collections, plus a 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. After overseeing the merger of Campbell Taggart with Anheuser Busch, Mr. Mead retired in 1983. This truly unique cheese is made with charcoal from the Featherstone mines in Yorkshire mixed with a wonderfully creamy mature wax coated cheddar. Free delivery for many products. And that was no legend. 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. Petitioner has failed to meet its burden of proof on this ultimate issue. photograph, 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. "Mead's Fine Enriched Bread" "Good and Fresh". Without that $6 each week I couldnt have gone to college. Section 1.1502-31(a)(19)(i), Income Tax Regs. 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. 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. They foresaw the promise of whole grain breads, ultimately renaming the company after the brand of its market-leading products, Earth Grains. 13 (a), 13a and 15. Mead's was founded in 1918 by J.H. 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. Section 532. Section 1.1502-31(a)(18)(vi), Income Tax Regs. Frankly, being a hymn singer didnt cut much rank in the U.S. Navy. The boycott gave Moore a complete monopoly of the bread business in Santa Rosa. The bakery business has been subject to dramatic innovations. From this, we conclude that petitioner could not have used any portion of its earnings and profits accumulated prior to May 1, 1955, to satisfy any of its business needs that accrued during the period before us. The cost of these additions exceeded depreciation allowed during this period by approximately $170,000. Its average cash balance for the four weeks ended March 1, 1956, excluding the Penn Mutual loan from proceeds, was $40,733.86. photograph But Doc remained approachable, the same sweet, tin-eared guy. Argued Nov. 17, 1954. I tell you, not a dry eye in the house. Mead's Fine Bread Company filed as a Domestic For-Profit Corporation in the State of Texas and is no longer active. I thought I had it made as a singing swabbie. Date Unknown; Mead and Faye Pauline Mead in Abilene, Texas and died April 17, 2006 in Dallas, Texas after a long battle with prostate cancer. In addition to that amount, petitioner paid interest thereon, and also attorneys' fees in the amount of $26,000. 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.
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