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. Another reason was to create a reserve against losses that might be incurred in connection with possible labor disputes. During the years in issue petitioner spent a total of approximately $1,400,000 for additions to its existing plants and equipment. This Check out our Resources for Educators Site! MEAD'S FINE BREAD COMPANY (trading name, 1949-11-08 - 1960-04-29) 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. Mr. Mead (1919-2006) started after high school as a bread route salesman for the Abilene, Texas bakery owned by his father and uncle. The Secretary of the Navy died, and the captain ordered a memorial servicewith one days assembly time. We ordered the grilled artichokes, the lamb tart, the pozole negro, and the ricotta cavatelli. On September 12, 1955, petitioner borrowed a total of $400,000 from two banks. 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. 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. as well as independent and professional researchers. 757, 764-765 (1963), on appeal (C. A. Our theme song was bouncy: Theres within my heart a melody . Here are some suggestions for what to do next. This amount would have been insufficient to enable petitioner to conduct its operations for one day. I had worked my way up to my own special solo, Only in Thee (Pleasures of earth, so seemingly sweet,/Fail at the last my longings to meet), when World War II broke up Meads Quartet. from atop St. Anthony's Hospital about 1960. N. E. 8th (Amarillo Blvd.) The related events are co-sponsored by the Fine Arts Department, the Theater and Dance Department, and the Women's and Gender Studies Department. Count your blessings! Some content on this site may be difficult to view. 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. Section 535(c). In 1978, the 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. The regular bassa grown man, as I thought of ithad been transferred out of town, and someone had to fill in quick. 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. And what will be remembered of the high-flying anthems and hundred-voice-choir pieces of today? 121. Cf. Some clever perspective design shows the end of the loaf as well as the side. Leagle.com reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions. He claims that the bartender . Researchers, educators, and students may find this photograph useful in their work. Creation Date: Unknown. 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. Decided Dec. 6, 1954. section 1.537-2(c)(4), Income Tax Regs. Mr. Lane succeeded him as chairman and CEO until his retirement in 1987. During the calendar years 1956 through 1958, E. P. Mead filed joint Federal income tax returns with his wife, Jessie Mead, and reported taxable income thereon which put them in the tax bracket of 20 percent, 62 percent and 53 percent, respectively. Once, in Philadelphia, I enjoyed a comeback. Mead Service Company and Mead's Fine Bread Company, hereinafter referred to as Mead, were confronted with a boycott at Santa Rosa, New Mexico, which entirely deprived them of a market for their bread at that point. 1. I can feel the current moving down the line. Mead and his four sons. Helpful links in machine-readable formats. [48-2 USTC 9346] 169 F.2d 186 (C. A. The boycott gave Moore a complete monopoly of the bread business in Santa Rosa. By His counsels guide, uphold you, With His sheep securely fold you; God be with you till we meet again! 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. During the years in issue petitioner had definite plans for the acquisition of additional bakeries and for diversification into related businesses. 15 (1947); and World Pub. 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. 148, 99 L.Ed. Varieties|Coin Links|About| The best restaurants in town were located along "The Main Street of America" in the '60s. Ed V. Mead, formerly the president of El Paso and, during the years in issue, vice-president of petitioner, resided at all times relevant hereto in a home located on the farm. I tell you, not a dry eye in the house. Dates and time periods associated with this photograph. Both issues are fact questions. And that was no legend. 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. During the years in issue, the course pursued by petitioner with regard to expansion remained the same. Ed V. Mead repaid the amount loaned to him by petitioner during its fiscal year ended April 30, 1958. Petitioner did not submit a statement of grounds, as permitted under section 534(c). For partners and peer institutions seeking information about 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. 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. 4615_1 in the Court of Appeals for the Tenth Circuit. New Mexico company code: 268904. 334. Petitioner in each of the years in issue realized a substantial profit. Therefore, we conclude that the advances on open account to Angus during petitioner's taxable years 1956 through 1958 represent unreasonable accumulations of surplus. Lakewood, CO. 972. Argued Nov. 17, 1954. Rehearing Denied Jan. 31, 1955. The crowd got quiet. 5, 1963). PO Box 130967, Tyler, TX 75713. 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. 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. 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. At any rate, his wife, our accompanist, hated hymns, especially our theme song. His business was wholly intrastate. Mr. Edward W. Napier, Lubbock, Tex., for respondent. 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. Food is delicious. 1 Patrons have access to their extensive collections, which include more than one million items through the library and the Abilene Library Consortium. 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. Mead and his four sons. 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. 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. No. . I never sang much after I got out of college. standards, project requests, and our services. Prior to the fine, Meads Bakery produced bread, rolls and pastry items for small retailers throughout Luton and surrounding counties. Petitioner's management estimated as a rule of thumb that in the acquisition of new plants it would incur losses approximately equal to acquisition cost before being able to place the new plants on a profitable basis. Mead's Fine Bread Co., 348 U.S. 115 , where such pricing was held violative of 2 (a). See section 1.535-3(b)(ii), Income Tax Regs. Serger & Overlock Machine Accessories. I thought I had it made as a singing swabbie. Mead's Fine Bread Co., 348 U.S. 115, 75 S.Ct. During its fiscal year ended April 30, 1957, petitioner advanced $50,000 to Angus, and during its fiscal year ended April 30, 1958, it advanced $77,889.62. Although the record leaves us unconvinced that Angus at any time ever entertained an expectation that its cattle raising activities would be profitable, it is clear that when petitioner acquired Angus, no such expectation existed. A naturally leavened artisan fruited bread with sweet bites of peach and semi-candied apricot complemented by the fragrance of lavender. Fills my evry longing, Keeps me singing as I go. 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. K-12 lesson plans, tools, and other help for history teachers. The major portion of this amount consisted of $281,000 representing proceeds from the Penn Mutual loan. Telephone to Glory. 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. The Premanands were fined a total of about $60,670 (38,000) plus council costs and a banning order that effectively prevents them from ever managing a food business again. John Randolph Hopkins [Dec. 17,811], 15 T.C. For partners and peer institutions seeking information about The Meade's Fine Bread commercial became one of the most popular of its time.. When the war was over I returned to college and, despite the GI bill, the need for extra income arose. It appears to have been made to use with a key chain as it has a hole at one end. To the work! In order to retain the market served by that plant, petitioner transported bread from its plant in Abilene, Texas, and incurred related expenses of approximately $450,000. Its average cash balance for the four weeks ended March 1, 1956, excluding the Penn Mutual loan from proceeds, was $40,733.86. Normally, where one corporation owns 80 percent or more of the stock of another corporation, it may accumulate earnings to meet the subsidiary's need for funds. Co. v. United States [47-1 USTC 9280], 72 F.Supp. . I left the fundamentalists years and years gone by and became a Presbyterian in a big church with a paid choir whose members would die of embarrassment if you suggested they sing something as awful as Power in the Blood or Whispering Hope. Sure, a lot of the hymns we sang were composed by people like Handel, Bach, Haydn, Beethoven, Mendelssohn, and Weber: We would see Jesus, for the shadows lengthen/Across the little landscape of our life, My Jesus, as Thou wilt, tho seen through many a tear,/Let not my star of hope grow dim, or disappear. But subtle and lovely as those are, the ones I remember with greatest fondness are the passionate old blood-boilers, the ones that had to do more with tears and toil than balm and bliss. Free delivery for many products. Mead and Faye Pauline Mead in Abilene, Texas and died April 17, 2006 in Dallas, Texas after a long battle with prostate cancer. 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. 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. Read more Sick bucks a week. Mead's Fine Bread Co., 348 U.S. 115, 75 S. Ct. 148, 99 L. Ed. 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. As we arived, we could hear the service going on two blocks from the church house. Log In. His signature on the check didnt mean that FDRs son had been born again. He controlled the station I sang for. endowment January 2023 Reader Quiz: What Did You Learn? Thus, to the extent petitioner was able to make these advances to Angus, such funds were not required for use in petitioner's business. More information about this photograph can be viewed below. In 1941, he formed his own bakery, Mead's Fine Bread, in Lubbock, Texas, adding three other bakery locations in New Mexico and a frozen dough factory in Abilene. Each year Mead produces more than 1.5 million tons of paperboard and the company is an industry leader in coated paperboard, containerboard, and multiple packaging. [Mead's Fine Bread Company], MEAD'S FINE BREAD COMPANY, a Corporation. Without that $6 each week I couldnt have gone to college. That was fabulous pay for a sixteen-year-old college freshman. The following is a consolidated balance sheet reflecting, on a consolidated basis, the assets and liabilities of petitioner and its subsidiary, Angus, during the years before this Court. But he was a good sport. Many cheeses have been coated in ash to enhance flavor and add a smoky undertone, but this is the first time that charcoal has been fully incorporated into a cheese. extended guidance on usage rights, references, copying or embedding. Crayola Dymo Elmer's Five Star Mead Paper Mate Pen+Gear Scotch Sharpie Texas Instruments The Happy Planner The Pioneer Woman. Mead's fine bread company is a New Mexico Foreign Profit Corporation filed On November 21, 1949. Thus, the business of one corporation may be regarded as including the business of another corporation if such other corporation is a mere instrumentality of the first corporation; that may be established by showing that the first corporation owns at least 80 percent of the voting stock of the second corporation. India; UK & Ireland . Several other reasons caused petitioner to retain its earnings in this period. Thus, in our opinion the amounts advanced to Angus during the period in issue constitute investments unrelated to petitioner's business. I hate to admit, even at this distance, that I brazenly pretended it was grief choking us up. Fred joined the Air Force (and died in the service), and Norman, our second tenor, became an airman too. Mead's Fine Bread Co. No. Notes [ edit] Real Good Kitchen. 4615. As previously indicated, during the years in issue, petitioner steadily expanded its activities in the bakery business. Copyright 2022 American Society of Baking. In fact, the orchestra didnt want to quit. As we were slipping around the corner of the choir, Norman (a dignified sort who became a professor) led the way, and just as he drew even with a tall, praying woman she looked him right in the eye, threw up her hands, and shouted, Thank you , Jesusand Norman shook hands with her. photograph Check out our Resources for Educators Site! And TommyI wonder what did happen to Tommy? 5, 1936), reversing a Memorandum Opinion of the Board of Tax Appeals [Dec. 8588-C]. Neither Ed V. Mead nor any other officer of Angus or petitioner devoted any of his time to the affairs of Angus. Filed: 1955-01-31 . These corporations maintain plants at Lubbock and Big Spring, Texas, and at Hobbs, Roswell, and Clovis, New Mexico. (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. When the young peoples class offered special music at the little church we attended (it had no choir), I was always the bass. In 1949 the El Paso and Albuquerque plants were closed because of strikes. Although we were careful to avoid any denominational taint in our music, some of the revivals at which we sang tested our religious backgrounds. Mead's Fine Bread Co. v. Moore AppealCourt of Appeals for the Tenth Circuit, Case No. 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. In 1954 the company was sued by a competitor The Moore Bakery. The company's mailing . But overall, great experience!" Grape Vine Cafe - Buffalo . At all times relevant hereto, E. P. Mead, petitioner's president, owned approximately 60 percent of the outstanding stock in petitioner. True, I had been given a work concession by Abilene Christian College, where I was enrolled, but it was for only $20, which not only didnt cover tuition but didnt cover food, shelter, clothing, or bus fare. My first check as a radio gospel singer on KRBC in Abilene was for $6 and was signed by Elliott Roosevelt. 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). photograph, Petitioner was engaged in a purely intrastate bakery business. He was a true golden-throat. Fred, of course, was gone, and during the war my friend Doc Mead had become not only a big shot in the bakery business but a millionaire. . consistently emphasize the unreasonably low prices and the predatory intent of the defendants." Section 537. But I looked at it as $4.80 an hour. Terms of Use, Site Copyright 1999-2021 by Bruce Perdue Email: WebmasterAll Rights 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. Cf. The design of the encasement is such that the piece looks like a loaf of bread in three dimensions, while only being a two-dimensional object. 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. These . Mead's Fine Bread operated in Texas and New Mexico. Mrs. Claude M., Baird, Texas.. 90 (1954), affd. The regular bassa "grown man," as I thought of ithad been. He suggested we do it during the prayer. These buildings were constructed by Mead Industries, Inc., according to petitioner's exact specifications. 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! 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. Nor can it be bound by stipulations of fact which appear contrary to the facts as disclosed by the record. 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. 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. . How many times have I walked slowly by an open grave, singing Alseep in Jesus while crumbling a clod of red dirt over the deceased? 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. Neither petitioner nor any of the predecessor corporations has ever declared or paid a taxable dividend. Doc Mead owned Mead's Fine Bread bakery, and Mead's Quartet sang on KRBC for fifteen minutes at noon on weekdays. 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. and read 622 reviews: "Very nice hidden gem. He was elected president in 1982. to improve everyone's access to primary sources online. --- Decided: Dec 6, 1954 See 348 U.S. 932, 75 S.Ct. University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; The common round shape is well known in several diameters. 5, 1935), reversing a Memorandum Opinion of the Board of Tax Appeals [Dec. 8578-F]. Historic newspapers digitized from across the Red River. 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. 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. There is only one bread shape that I know about and that is the Mead's Fine Bread encased. section 1.537-2 (c)(3), Income Tax Regs. accessed March 4, 2023), See 348 U.S. 932, 75 S.Ct. MEAD, BILL O. 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. 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. Rennala had packed lightly when she departed from Raya Lucaria. Featured Shops . Throughout its entire existence, petitioner has experienced great diffculty in obtaining adequate credit and financing. People and organizations associated with either the creation of this photograph or its content. William Ernest Seatree [Dec. 7413], 25 B. T. A. awards, and more. We relished these performances, since Meads bakery paid us for such off-air advertising. Reverse is blank only showing the reverse of the coin. Doing business as: Mead-Raymond . Accordingly, the buildings required special wiring and plumbing, oversized loading platforms, and various other unique features. 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. Petitioner is a Delaware corporation with its principal office in Amarillo, Texas. and Florence VanHoozer in the Bethel community east of Lawton, and was one of four kids. is part of the collection entitled: This company has not listed any contacts yet. 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. Descriptive information to help identify this photograph. 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. 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. When it started I saw why. We took requests, although most of the cards and letters asked for the jingly kind of quartet songs, which Fred disapproved of. Your support aids students of all ages, rural communities, These corporations maintain plants at Lubbock and Big Spring, Texas, and at Hobbs, Roswell, and Clovis, New Mexico. Bakery & Bread Shop All Sliced Bread . Mead's Fine Bread Company filed as a Domestic For-Profit Corporation in the State of Texas and is no longer active. The amount of the receivable was paid by E. P. Mead on October 16, 1958. Subsequently, the Court noted that " the decisions of the federal courts in primary-line-competition cases . Listed below are those cases in which this Featured Case is cited. University of North Texas Libraries, The Portal to Texas History, View a full description of this photograph, Brightness, Contrast, etc. 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 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. Of the 711 students enrolled in the school, 4 had their own cars.