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. Mead's was founded in 1918 by J.H. [48-2 USTC 9346] 169 F.2d 186 (C. A. ELASTY FINE Filler 2 Pack | FREE 2-5 DAY SHIPPING | Remove Lines, Plump The piece has Mead's fine Bread on the front and the back is plain. They sold bread throughout the Southwest. 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). We sang the Navy hymn while the chaplain intoned Crossing the Bar, and it was so successful that station WCAU recorded it and played it several times that evening. They only cut the price in Santa Rosa, but not in other Texas or New Mexico locations. Mead's Fine Bread Company Argued: Nov. 17, 1954. 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 . Mead's Fine Bread Co. No. This was done so as to prevent a technical violation of a covenant in the Penn Mutual loan agreement. Mead's Fine Bread Co. v. Moore, 208 F.2d 777, 10th Cir. During the Mead-Lane era, the company grew to more than 60 U.S. operating plants, seven bakeries in Spain and related businesses in Puerto Rico, France and Brazil. 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. ; Raymond I. Smith, Inc. [Dec. 23,812], 33 T.C. 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. they all market their bread under the name "Mead's Fine Bread" and promote the product through a common advertising program. 121: Decision Date: 06 December 1954: 348 U.S. 115 75 S.Ct. But I looked at it as $4.80 an hour. MEAD'S FINE BREAD COMPANY, a Corporation. In 1955, petitioner had 1,037 employees. Log In. Section 1.1502-31(a)(19)(i), Income Tax Regs. 297, 304 (1952), reversed on another issue [55-1 USTC 9110] 217 F.2d 329 (C. A. 11 Best Yeast for Mead Making: A Complete Guide for Brewers K-12 lesson plans, tools, and other help for history teachers. ); and (3) petitioner's advances on open account to its two principal shareholders, E. P. Mead and Ed V. Mead (cf. Several other reasons caused petitioner to retain its earnings in this period. Bill Mack: Shamrock's Midnight Cowboy Marker in Ft. Worth, Mack became the announcer for the great Bob Wills. Categories: Pharmaceutical . Thus, to the extent the stipulation of facts in this proceeding provides that Angus was engaged in the agricultural and livestock business during the years in issue, it is hereby set aside. An expert in cost controls, he rose through the ranks to be named controller in 1956 and vice-president, treasurer and CFO in 1965. 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. 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. Mead Bread? | GotMead - The Largest Collection of Mead Information 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. These corporations maintain plants at Lubbock and Big Spring, Texas, and at Hobbs, Roswell, and Clovis, New Mexico. The proposed tax deficiencies were finally determined to be $149,393.66, per Tax Court decision of November 10, 1959. 3. endowment ELASTY FINE Filler 2 Pack | FREE 2-5 DAY SHIPPING | Remove Lines, Plump Lips, Fill Wrinkles - Works with PDO Threads | by VIVID-SCIENTIFIC - US East Coast, 1.0 . Fire Ants Have Unleashed Chaos in Texas for Decades. Their families describe them as proud Texans and leaders in their home and church communities. Mead's Fine Bread Co. v. Moore - Casetext Geographical information about where this photograph originated or about its content. image file UNT's history and scholarship, library special collections, plus a 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. Of the 711 students enrolled in the school, 4 had their own cars. 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. 141 (1959), affd. Petitioner has failed to meet its burden of proof on this ultimate issue. 90 (1954), affd. 4615. . 9, 1961), certiorari denied 368 U.S. 948 (1961); Kerr-Cochran, Inc. [Dec. 22,934], 30 T.C. Mead's fine bread of el paso, inc. in New Mexico | Company Info February 2023 Reader Quiz: What Did You Learn? Mead and his four sons. Mead's Frozen Foods, Inc., was organized on September 3, 1958, by E. P. Mead and two other individuals, who were potential customers of this corporation, to engage in the manufacture and sale of frozen rolls and biscuits. Our theme song was bouncy: Theres within my heart a melody . 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. Solved: Moore ran a bakery in Santa Rosa, New Mexico. His business was 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. 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. Petitioner is a Delaware corporation with its principal office in Amarillo, Texas. Mrs. Claude M., Baird, Texas.. 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. He was born February 7, 1932 to N.B. 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. Petitioner's total accounts receivable in 1956 were $487,000 as compared to $730,000 in 1959. 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. If you fill out the first name, last name, or agree to terms fields, you will NOT be added to the newsletter list. These . This company was engaged in the business of manufacturing and selling bread. Reverse is blank only showing the reverse of the coin. These controls are experimental and have not yet been optimized for user experience. Mead's Fine Bread Co. v. Moore, 208 F.2d 777 (10th Cir. (https://texashistory.unt.edu/ark:/67531/metapth1165909/m1/1/: from atop St. Anthony's Hospital about 1960. 1949 Mead's Fine Bread Encased Cent | #347059981 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. Petitioner's average four week cash balances for the fiscal year ended April 30, 1956, was $360,283.37. MEAD'S FINE BREAD COMPANY :: Texas (US) :: OpenCorporates Moreover, the business of one corporation does not include the business of another corporation if such other corporation is a personal holding company, an investment company, or a corporation not engaged in the active conduct of a trade or business. Lalvin EC-1118. During the years in issue, the course pursued by petitioner with regard to expansion remained the same. 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. Descriptive information to help identify this photograph. New Mexico company code: 268904. Bill O. Mead and Connie B. 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. The Mead Bread Company maintained plants at Lubbock and Big Spring, Texas, and at Hobbs, Roswell, and Clovis, New Mexico. See section 1.535-3(b)(ii), Income Tax Regs. They had a competitor in Santa Rosa, Texas, and Mead's cut the price of their bread from 14 to 7. As of May 1, 1955, the equipment in many of petitioner's plants was obsolete, worn out, and in need of replacement. 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. Creator: Unknown. When petitioner borrowed $400,000 from two banks in 1955, the Meads personally guaranteed petitioner's notes. L. L. Moore v. Mead's Fine Bread Company, a Corporation crediting McMurry University Library. 5, 1936), reversing a Memorandum Opinion of the Board of Tax Appeals [Dec. 8588-C]. We relished these performances, since Meads bakery paid us for such off-air advertising. 2d 145, 1954 U.S. LEXIS 2742 Brought to you by Free Law Project, a non-profit dedicated to creating high quality open legal information. 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. To Join the "Encased Collectors" Email List email me: Please visit the Numismatic sites below for additional information on coin collecting. Rands, Inc. [Dec. 9491], 34 B. T. A. It never failed. And You Thought Feral Hogs Were Bad. At any rate, his wife, our accompanist, hated hymns, especially our theme song. . 6, 1955), certiorari denied 351 U.S. 939 (1956). Lakewood, CO. 972. The daily Pittsburgh gazette., April 04, 1854, Image 4 Harold D. Rogers, for the respondent. Tell us if you know the precise location of this item. 529 (1933), reversed on another issue [36-1 USTC 9019] 296 U.S. 374 (1935); McClintock-Trunkey Co. [Dec. 19,316], 19 T.C. 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. The encasement material is the traditional aluminum and is the thickness of a cent. That was fabulous pay for a sixteen-year-old college freshman. Thus, to the extent petitioner was able to make these advances to Angus, such funds were not required for use in petitioner's business. . 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. https://texashistory.unt.edu/ark:/67531/metapth1165909/m1/1/. Neither petitioner nor any of the predecessor corporations has ever declared or paid a taxable dividend. When the quartet gave up after Kneel at the Cross, the band played onto the clapping of the crowd. A tenor named Tommy sometimes substituted for Jimmy, and during one funeral somewhere south of Putnam, Tommy slipped and almost fell into the gravehe couldnt seem to walk and sing at the same time. Theres within my heart a melody; Jesus whispers sweet and low . After he left our station he became famous for making one of the classic radio bloopers of all time. UNT Libraries. MOORE v. MEAD'S FINE BREAD CO., 348 U.S. 115 (1954) | FindLaw Here are some suggestions for what to do next. 1 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. large collection of U.S. government documents. 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. Recent filings for MEAD'S FINE BREAD COMPANY 14 Jun 1960 He was a one of a kind true hero to all his family and friends. Petitioner's stock was then distributed to the stockholders of the predecessor corporations. 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. Mead's Fine Bread operated in Texas and New Mexico. Aside from the tenant farmer, Angus had no employee during the years in issue. 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. Copyright 2022 American Society of Baking. Mead's Fine Bread Co. v. Moore AppealCourt of Appeals for the Tenth Circuit, Case No. . PO Box 130967, Tyler, TX 75713. 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. It had also estimated construction costs of $100,000 for the Ada plant and an additional $150,000 for equipment. Order Enlightenment Wines Memento Mori Dandelion Mead 375-ml bottle online from The Lunar Inn & Tinys Bottle Shop. During this same period, Ed V. Mead filed joint returns with his wife, Elizabeth Mead. 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). 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 288 (1958). MEAD-RAYMOND CORPORATION MEAD'S FINE - Texas business directory. 5, 1935), reversing a Memorandum Opinion of the Board of Tax Appeals [Dec. 8578-F]. Sewing Notions & Supplies Courthouse Plaza Northeast Dayton, Ohio 45463 U.S.A. (513) 495-6323. Count your many blessings, evry doubt will fly, And you will be singing as the days go by. Unique identifying numbers for this photograph in the Portal or other systems. "Mead's Fine Enriched Bread" "Good and Fresh". Panfrutto with Peach, Apricot & Lavender by I Dolci di Giotto 500g MOORE v. MEAD'S FINE BREAD CO | 348 U.S. 115 | U.S. | Judgment | Law was provided by the McMurry University Library MOORE V. MEAD'S FINE BREAD CO., 348 U. S. 115 (1954) - ChanRobles 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. Petitioner actually converted two of its plants in 1961 and another in 1962, at an aggregate cost of $451,125.32. Section 1.1502-31(a)(18)(vi), Income Tax Regs. Listed below are those cases in which this Featured Case is cited. Mead's Fine Bread Co. v. Moore, No. 4615. - Federal Cases - Case Law 121. Petitioner made offers on 10 of these plants. In 1978, the Abilene Library Consortium Connie B. Lane and Bill O. Mead - American Society of Baking And I did a couple of bars on harmonica. 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. Neither petitioner nor any of the predecessor corporations paid a taxable dividend throughout their respective existences. 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. Mr. Mead (1919-2006) started after high school as a bread route salesman for the Abilene, Texas bakery owned by his father and uncle. MEAD'S FINE BREAD COMPANY, a Corporation. The thing I did not enjoy was the bread. try Mrs. Bairds. Or was that a legend? Mead Service Co., 10 Cir., 184 F.2d 338, on appeal from a judgment of the trial court dismissing the action, . If one corporation owns the stock of another corporation and, in effect, operates the other corporation, the business of the latter corporation may be considered in substance, although not in legal form, the business of the first corporation. 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. However, the evidence petitioner presented as to the specific amount of these needs is somewhat inconclusive. 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. Had professional backup: steel, drums, amped lead and bass, acoustic rhythm, Autoharp, and an absolutely wonderful Baptist Sunday school piano. . Therefore, we conclude that the advances on open account to Angus during petitioner's taxable years 1956 through 1958 represent unreasonable accumulations of surplus. . 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. Real Good Kitchen is a shared kitchen community that provides food entrepreneurs with the equipment, production space and resources they need . MEAD'S FINE BREAD COMPANY :: New Mexico (US) :: OpenCorporates Eaten claims that he Is a paralvtlc and that on Feb. 22 he fell and broke his collar bone and that on the 2lth of the samo month he went into the saloon to dis pose of some of his stock of matches. 145 L. L. MOORE, Petitioner, v. MEAD'S FINE BREAD COMPANY, a Corporation. 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. Edward W. Napier, Lubbock, Tex., for respondent. Click the citation to see the full text of the cited case. Food is delicious. L. L. MOORE, Petitioner, v. MEAD'S FINE BREAD COMPANY, A Corporation He upped my wages to $7.50. Telephone to Glory, oh, what joy divine! Messrs. Lynell G. Skarda, Dee C. Blythe, Clovis, N.M., for petitioner. ART FINE-ARTS. Big Jim directed us, and I wrote the scripts, which consisted of brief spoken introductions to the hymns, things like From the little church just around the corner of your heart comes . Drop a pin or drag to create a new rectangle. Mead and Faye Pauline Mead in Abilene, Texas and died April 17, 2006 in Dallas, Texas after a long battle with prostate cancer. In order to keep up with its competition, rising costs and the increasing population of the areas it served, petitioner was forced to expend considerable sums for replacing old equipment and purchasing new equipment. From the foregoing, it is our opinion that Angus did not engage in any business during this period, particularly the business of farming or raising cattle. Genuine Honda 38100-SNA-K02 Horn Assembly (Low) - Galleon Philippines We've identified this 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). Free delivery for many products. What responsibilities do I have when using this photograph? [Mead's Fine Bread Company], Rehearing Denied Jan. 31, 1955. 69, 80-82 (1958). My mead has about 12% alcohol, but the yeast could go to 18%. Historic newspapers digitized from across the Red River. photograph Bins Refrigerator Parts & Accessories. to improve everyone's access to primary sources online. By using this website, you are consenting to the use of cookies. awards, and more. The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904 We use cookies to ensure that we give you the best experience on our website. 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. 'I came back, I played a . The remaining stock in petitioner was held by other members of the Mead family during the period in question. 1. West Texans Are Learning What It Means to Live in Bear Country, How Florence ButtNot Her SonLaunched the H-E-B Empire, H-E-Bs True Texas BBQ Restaurant Is Slipping, Jimmy Carters Peanut-and-Egg Taco Made Quite the Impression on San Antonians. 1922); Henry P. White [Dec. 20,611], 23 T.C. That girl had a better knack for peacemaking than war, and even a hound like Radagon could be coaxed away from his aggressive mantras.