I thought I had it made as a singing swabbie. We've created an Messrs. Lynell G. Skarda, Dee C. Blythe, Clovis, N.M., for petitioner. Filed: 1955-01-31 . 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. sections 533(b) and 535(c)(1) and (3); and section 1.1502-3, 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. 90 (1954), affd. ; Raymond I. Smith, Inc. [Dec. 23,812], 33 T.C. Ed V. Mead repaid the amount loaned to him by petitioner during its fiscal year ended April 30, 1958. Alabama: White Cheddar Scalloped Potatoes. 145 L. L. MOORE, Petitioner, v. MEAD'S FINE BREAD COMPANY, a Corporation. He Keeps Me Singing. The common round shape is well known in several diameters. 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. was provided to The Portal to Texas History (Howard F. Houk, Santa Fe, N. M., was with him on the brief), for appellant. 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. 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. Because of the aforementioned restrictions in the Penn Mutual loan agreement, petitioner was prevented during the years in issue from directly entering such new lines of business. Filed: 1954-01-16 Precedential Status: Precedential Citations: 208 F.2d 777 Docket: 4615_1 about this topic here. [Mead's Fine Bread Company] Description Copy slide of a photograph of the exterior of Mead's Fine Bread company building with a horizontal line of Mead's delivery trucks visible by the curb outside the building. Both he and I had deserted the little church where I starred as boy bass, and I wasnt sure of my reception by this important figure, whose bread empire now spread over West Texas, the Panhandle, eastern New Mexico, and western Oklahoma. and at Hobbs, Roswell, and Clovis, New Mexico. See 348 U.S. 932, 75 S.Ct. 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). crediting McMurry University Library. Decided Dec. 6, 1954. 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. and Florence VanHoozer in the Bethel community east of Lawton, and was one of four kids. 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). Anything? Drop a pin or drag to create a new rectangle. Thus, petitioner was, in effect, prevented by the terms of the Penn Mutual loan from expanding by means of debt financing. Their paths into bakery leadership differed, but together they formed a powerful team that built the second largest bakery in the U.S. during the 1980s. Jos R. Ralat is Texas Monthlys taco editor, writing about tacos and Mexican food. Mr. Lane succeeded him as chairman and CEO until his retirement in 1987. Section 535(c). Once, a dozen years ago, a bunch of us even made an LP of some old gospel swingers. Geographical information about where this photograph originated or about its content. Fred joined the Air Force (and died in the service), and Norman, our second tenor, became an airman too. Mr. Edward W. Napier, Lubbock, Tex., for respondent. . These corporations purchase their flour and bread wrappers as a unit. Decision Date: 16 January 1954: 208 F.2d 777 (1953) MEAD'S FINE BREAD CO. v. MOORE. Rehearing Denied Jan. 31, 1955. By using this website, you are consenting to the use of cookies. In 1958, when the machinery became available in the areas in which petitioner operated, it began to conduct active negotiations with Baker Process Company and American Machine & Foundry Company, two companies which manufactured and installed continuous mix equipment. The major portion of this amount consisted of $281,000 representing proceeds from the Penn Mutual loan. It never failed. 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. I like to serve this rich, saucy entree with a salad and homemade French bread. 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. United States Tax Court.https://leagle.com/images/logo.png. large collection of U.S. government documents. We ordered the grilled artichokes, the lamb tart, the pozole negro, and the ricotta cavatelli. Another reason was to create a reserve against losses that might be incurred in connection with possible labor disputes. These controls are experimental and have not yet been optimized for user experience. Grocery Co. [38-2 USTC 9312], 304 U.S. 282 (1938); F. E. Watkins Motor Co. [Dec. 23,233], 31 T.C. Decided Dec. 6, 1954. Between May 1, 1955, and April 30, 1956, it added some 41 new delivery routes to service Oklahoma City, Ada, and Tulsa, Oklahoma. . The announcers wife played the piano, and he sang baritone. 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. 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. Over the years, the Mead brothers and their families split up the operations. 148 99 L.Ed. We broke up my senior year. Without that $6 each week I couldnt have gone to college. But Doc remained approachable, the same sweet, tin-eared guy. 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. Respondent sells bread in Farwell, Texas, a town which it serves with a bread truck operating out of Clovis, New Mexico. The consolidated accumulated earnings credit is. photograph Thus, it was forced to borrow funds to obtain the requisite working capital. Tell us if you know the precise location of this item. sub nom. No. K-12 lesson plans, tools, and other help for history teachers. See section 1.535-3(b)(ii), Income Tax Regs. The proposed tax deficiencies were finally determined to be $149,393.66, per Tax Court decision of November 10, 1959. He upped my wages to $7.50. 4615_1 in the Court of Appeals for the Tenth Circuit. 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. 5, 1936), reversing a Memorandum Opinion of the Board of Tax Appeals [Dec. 8588-C]. 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. Go to Recipe. Their families describe them as proud Texans and leaders in their home and church communities. 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 only cut the price in Santa Rosa, but not in other Texas or New Mexico locations. This company was engaged in the business of manufacturing and selling bread. The amount of the receivable was paid by E. P. Mead on October 16, 1958. In 1978, the 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. 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). However, the evidence petitioner presented as to the specific amount of these needs is somewhat inconclusive. I put together the group: Norman was back; also Jimmy, the first tenor; Big Jim, another radio golden-throat, was our baritone; and I was the bass. 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. Between the time the Oklahoma City plant was acquired and April 30, 1958, petitioner, in fact, lost $423,644.89 in connection with its operation. Once, in Philadelphia, I enjoyed a comeback. 121. While working as program director at station KCUL Photographed By Craig Doda, May 11, 2020 2. Historic newspapers digitized from across the Red River. by the McMurry University Library. As previously indicated, during the years in issue, petitioner steadily expanded its activities in the bakery business. Lalvin EC-1118. This photograph is part of the following collections of related materials. There is only one bread shape that I know about and that is the Mead's Fine Bread encased. Mead and his four sons. 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. When petitioner borrowed $400,000 from two banks in 1955, the Meads personally guaranteed petitioner's notes. In 1954 the company was sued by a competitor The Moore Bakery. This photograph is part of the collection entitled: Abilene Library Consortium and was provided to The Portal to Texas History by the McMurry University Library . 2, Oct. 28, 1963); Gus Blass Co. [Dec. 15,885], 9 T.C. 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. As we arived, we could hear the service going on two blocks from the church house. MEAD'S FINE BREAD CO. v. MOORE. The Mead Bread Company maintained plants at Lubbock and Big Spring, Texas, and at Hobbs, Roswell, and Clovis, New Mexico. Doing business as: Mead-Raymond . Substantially all of the expenses claimed by Angus represented deductions for interest, depreciation, taxes, and insurance. Angus sustained substantial net operating losses from the year petitioner acquired it until it was disposed of in 1960. 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. Section 1.1502-31(a)(19)(i), Income Tax Regs. For partners and peer institutions seeking information about God Be With You Closing theme of Meads Quartet. 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! 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. 121. (https://texashistory.unt.edu/ark:/67531/metapth1165909/: From that time to date, their activities in this business reflect sustained growth, expansion and diversification. Section 533. 121: Decision Date: 06 December 1954: 348 U.S. 115 75 S.Ct. Although Meads Quartet never reached the point of commanding a fee for public performances, it was in demand for revivals, special appearances, and funerals. Aside from the tenant farmer, Angus had no employee during the years in issue. was provided by the McMurry University Library Reverse of the loaf of bread encased cent. photograph, 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. section 1.537-2(c)(1), Income Tax Regs.) When it started I saw why. Accordingly, the buildings required special wiring and plumbing, oversized loading platforms, and various other unique features. All were visually striking. What responsibilities do I have when using this photograph? They encouraged their associates to participate as speakers and officers of the American Society of Baking. Its average cash balance for the four weeks ended March 1, 1956, excluding the Penn Mutual loan from proceeds, was $40,733.86. Cf. 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. 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. 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. Petitioner made offers on 10 of these plants. Petitioner is a Delaware corporation with its principal office in Amarillo, Texas. Mead and his four sons. The cattle raising operation took place on an 1800 acre ranch owned by Angus in Albuquerque, New Mexico. 1922); Henry P. White [Dec. 20,611], 23 T.C. 396 (1932), affd. The director of Meads Quartet was a big blond guy named Fred, who worked in a downtown office. Chip Gaines Bought Larry McMurtrys Historic Texas Bookstore. Creation Date: Unknown. View a full description of this photograph. These corporations maintain plants at Lubbock and Big Spring, Texas, and at Hobbs, Roswell, and Clovis, New Mexico. This photograph's creation, acceptance, or submission date is unknown. 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. We've identified this 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). No. [Mead's Fine Bread Company] Side: 1 of 1 1 photograph : positive, col. ; 35 mm. Doc was a lay preacher, and he often took us with him when he addressed a church in some town like Nugent or Lueders. Thus, in 1956 petitioner began to set aside a portion of its earnings to effect these plans. 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 . It also distributes school and office supplies made by Mead and other companies and has . 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. 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. 334. These corporations purchase their flour and bread wrappers as a unit. 4615. Telephone to Glory, oh, what joy divine! That girl had a better knack for peacemaking than war, and even a hound like Radagon could be coaxed away from his aggressive mantras. MEAD, BILL O. The cattle were sold at auction in October 1955. extended guidance on usage rights, references, copying or embedding. Mr. Mead (1919-2006) started after high school as a bread route salesman for the Abilene, Texas bakery owned by his father and uncle. Fills my evry longing, Keeps me singing as I go. 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. Some of the facts have been stipulated, and the stipulations of facts, together with the exhibits attached thereto, are incorporated herein by this reference. is part of the collection entitled: The remaining stock in petitioner was held by other members of the Mead family during the period in question. The related events are co-sponsored by the Fine Arts Department, the Theater and Dance Department, and the Women's and Gender Studies Department. 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. Harold D. Rogers, for the respondent. ., We changed the opening song to the lovely old Dutch hymn We Gather Together, but we loosened up the format, so to speak, and worked in lots of things like Precious Memories as well as marching songs: Marching to Zion, Onward, Christian Soldiers, Are You Washed in the Blood, Revive Us Again. We cut big, fifteen-minute, hill-and-dale ETs (electronic transcriptions) that were shipped to three other radio stations across West Texas. 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. Recent filings for MEAD'S FINE BREAD COMPANY 14 Jun 1960 145, where such pricing was held violative of 2(a). crediting McMurry University Library. 529 (1933), reversed on another issue [36-1 USTC 9019] 296 U.S. 374 (1935); McClintock-Trunkey Co. [Dec. 19,316], 19 T.C. 9, 1961), certiorari denied 368 U.S. 948 (1961); Kerr-Cochran, Inc. [Dec. 22,934], 30 T.C. Petitioner was unable to borrow from banks on unsecured loans. In part, these time deposits were held as to reserve for the contingent tax liability. 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. They were the first to apply computer analysis to cost controls, bakery efficiency and organizational structure. We've been unable to identify the creator(s) of this photograph. Count your blessings! 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. Argued Nov. 17, 1954. To Join the "Encased Collectors" Email List email me: Please visit the Numismatic sites below for additional information on coin collecting. Section 1.1502-31(a)(18)(vi), Income Tax Regs. Check out our Resources for Educators Site! 4615. We've created an Copyright 2022 American Society of Baking. The Registered Agent on file for this company is Secretary Of State and is located at Executive-Legislative Building, Santa Fe, NM 87503. 288 (1958). MEAD'S FINE BREAD COMPANY, a Corporation. 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/. 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. After overseeing the merger of Campbell Taggart with Anheuser Busch, Mr. Mead retired in 1983. 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.

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