529 (1933), reversed on another issue [36-1 USTC 9019] 296 U.S. 374 (1935); McClintock-Trunkey Co. [Dec. 19,316], 19 T.C. Once, a dozen years ago, a bunch of us even made an LP of some old gospel swingers. One of the most significant innovations in the baking industry in recent years has been the development of the continuous mix method of making bread. 145, where such pricing was held violative of 2(a). They all market their bread under the name 'Mead's Fine Bread' and promote the product through a common advertising program. . In 1949 the El Paso and Albuquerque plants were closed because of strikes. My first check as a radio gospel singer on KRBC in Abilene was for $6 and was signed by Elliott Roosevelt. Date Unknown; The Sahara Sands Motel (BELOW) became a Holiday Inn about 1963 (ABOVE) We are servants of God, Bringing in the Sheaves, Well Work Till Jesus Comes, Far and near the fields are teeming, with the waves of ripened grain, Take your lives in your hand, to the work while tis the daySpeed Away!. 2, Oct. 28, 1963); Gus Blass Co. [Dec. 15,885], 9 T.C. Some of the facts have been stipulated, and the stipulations of facts, together with the exhibits attached thereto, are incorporated herein by this reference. Meads Quartet didnt need all that support system. 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. A naturally leavened artisan fruited bread with sweet bites of peach and semi-candied apricot complemented by the fragrance of lavender. No. 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. Telephone to Glory, oh, what joy divine! The boycott gave Moore a complete monopoly of the bread business in Santa Rosa. . Some content on this site may be difficult to view. At all times relevant hereto, E. P. Mead, petitioner's president, owned approximately 60 percent of the outstanding stock in petitioner. Mead's Fine Bread Company filed as a Domestic For-Profit Corporation in the State of Texas and is no longer active. Section 1.1502-31(a)(19)(i), Income Tax Regs. they all market their bread under the name "Mead's Fine Bread" and promote the product through a common advertising program. The director of Meads Quartet was a big blond guy named Fred, who worked in a downtown office. February 2023 Reader Quiz: What Did You Learn? They foresaw the promise of whole grain breads, ultimately renaming the company after the brand of its market-leading products, Earth Grains. 1922); Henry P. White [Dec. 20,611], 23 T.C. Helpful links in machine-readable formats. Count your many blessings, evry doubt will fly, And you will be singing as the days go by. 141 (1959), affd. It boosts volume, adds texture, and promotes growth. 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. The Melbourne Storm gun has stamped himself as one of the best players in the NRL. "Mead's Fine Enriched Bread" "Good and Fresh". Our Findings of Fact contains the various factors which led us to this conclusion. June 5, 1946 Mead's Fine Bread Company of Big Spring, Big Spring, Texas Oct. 7, 1946 Mead's Fine Bread Company of El Paso, El Paso, Texas Mar. In 1953, E. P. Mead made a trip to New Jersey to inspect a bakery plant that had converted to the continuous mix method of manufacturing bread. 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. Respondent points to the fact that as of May 1, 1955, the date of the tax-free reorganization in which petitioner acquired the assets of the four predecessor corporations, petitioner had accumulated earnings totaling $2,058.20.8 However, the mere size of the previously accumulated earnings and profits is not indicative that they are sufficient to cover the future needs of the business. Unique identifying numbers for this photograph in the Portal or other systems. Doc was a lay preacher, and he often took us with him when he addressed a church in some town like Nugent or Lueders. If the taxpayer's ownership of stock is less than 80 percent in the other corporation, the determination of whether the funds are employed in a business operated by the taxpayer will depend upon the particular circumstances of the case. The regular bassa "grown man," as I thought of ithad been. Basic information for referencing this web page. 5, 1963). 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. Neither petitioner nor any of the predecessor corporations has ever declared or paid a taxable dividend. 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. I had to hitchhike from the college to downtown because I couldnt afford a dime for the bus. K-12 lesson plans, tools, and other help for history teachers. Forrest Wilder writes about politics and the outdoors. standards, project requests, and our services. 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. 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. The company's mailing . The consolidated accumulated earnings credit is. If your yeast has reached its alcohol tolerance this probably wouldn't work. 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 . was provided by the McMurry University Library To the work! collections, new partnerships, information on research, trivia, awards, and more. 757, 764-765 (1963), on appeal (C. A. Leagle.com reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions. 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. Substantially all of the expenses claimed by Angus represented deductions for interest, depreciation, taxes, and insurance. Mead's Fine Bread Co. v. Moore, 208 F.2d 777, 10th Cir. Rehearing Denied Jan. 31, 1955. 69, 80-82 (1958). [4 USTC 1299] 72 F.2d 67 (C. A. D. C. 1934); cf. ; Raymond I. Smith, Inc. [Dec. 23,812], 33 T.C. 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. Patrons have access to their extensive collections, which include more than one million items through the library and the Abilene Library Consortium. Messrs. Lynell G. Skarda, Dee C. Blythe, Clovis, N.M., for petitioner. Daniel Vaughn is the countrys first barbecue editor, and he has eaten more barbecue than you have. Historic newspapers digitized from across the Red River. United States Court of Appeals Tenth Circuit. The estimated average cost of purchasing and installing the necessary equipment was $150,000 per plant. Research the case of Mead's Fine Bread Co. v. Moore, from the Tenth Circuit, 12-11-1953. Lane were chairman, CEO and president of The Earthgrains Co. (previously Campbell Taggart, Inc. and today part of Bimbo Bakeries USA), Dallas, Texas. Listed below are the cases that are cited in this Featured Case. Reverse of the loaf of bread encased cent. Creation Date: Unknown. 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. It appears to have been made to use with a key chain as it has a hole at one end. --- Decided: Dec 6, 1954 See 348 U.S. 932, 75 S.Ct. Citations are also linked in the body of the Featured Case. 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. Of the 711 students enrolled in the school, 4 had their own cars. 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 . 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. 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. There is no known record of who created these encasements for Meads. Cf. 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. Theres within my heart a melody; Jesus whispers sweet and low . 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. accessed March 4, 2023), Reference to our Findings of Fact indicates that petitioner has clearly demonstrated that in each of the above-described instances it used its funds for legitimate business reasons and that it has rebutted any inference of unreasonable accumulations arising from such transactions. The Jay-Rollins Library serves the students, faculty, and staff of McMurry University in Abilene. . Dates and time periods associated with this photograph. 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). 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. Sewing Notions & Supplies 3. section 1.537-2(c)(1), Income Tax Regs.) to improve everyone's access to primary sources online. Finally, any dividends distributed to either of the controlling shareholders (except E. P. Mead in 1956) would have been subject to tax at a rate of more than 50 percent. On September 14, 1961, after petitioner obtained a loan of $1,350,000 from Republic National Bank of Dallas and repaid the Penn Mutual loan, it purchased from E. P. Mead and Ed V. Mead, at their cost, all of the outstanding stock in Mead Co., Inc., for $402,863.62. Every hymn was handled like a symphonyand I dont mean to imply that the horn, drum, and saxes were the only instruments; I didnt dare turn and stare, but I know I heard a banjo, strings, at least two cornets (because they tried to harmonize), something mysterious that a GI had brought back from Japan, and a set of snares rigged for marching. More information about this photograph can be viewed below. MEAD'S FINE BREAD COMPANY is a New Mexico Foreign Profit Corporation filed on November 21, 1949. 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. The company's filing status is listed as Withdrawal and its File Number is 268904. 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. That girl had a better knack for peacemaking than war, and even a hound like Radagon could be coaxed away from his aggressive mantras. Order Enlightenment Wines Memento Mori Dandelion Mead 375-ml bottle online from The Lunar Inn & Tinys Bottle Shop. Mead's Fine Bread operated in Texas and New Mexico. 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 upped my wages to $7.50. Leave them blank to get signed up. The number of companies that we have information about in our database: 442,383+ NewMexicoEnterprise.com M ME MEA ; Electric Regulator Corporation [Dec. 26,236], 40 T.C. Cf. But overall, great experience!" Grape Vine Cafe - Buffalo . 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. 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. Categories: Pharmaceutical . Throughout its entire existence, petitioner has experienced great diffculty in obtaining adequate credit and financing. During the years in issue petitioner spent a total of approximately $1,400,000 for additions to its existing plants and equipment. I like to serve this rich, saucy entree with a salad and homemade French bread. The director, who had never heard Meads Quartet and didnt approve of radio gospel hymn singing in the first place, sent me. 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. Texas Lege Watch: A House Republican Fights for Chicken Freedom, Texas Monthly Recognized by ASME in the 2023 National Magazine Awards. Mead's was founded in 1918 by J.H. and Jos R. Ralat is Texas Monthlys taco editor, writing about tacos and Mexican food. Both men provided leadership to industry groups including the American Bakers Association and the American Institute of Baking. Angus also owned a farm of approximately 180 acres in Albuquerque which it acquired for approximately $175,000. It had also estimated construction costs of $100,000 for the Ada plant and an additional $150,000 for equipment. Click on the images below to view .pdf files of the inductees biography and plaque. 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. We have set forth in our Findings of Fact with some degree of particularity the various factors which petitioner claims caused it to retain all of its earnings during this period. Click the citation to see the full text of the cited case. This company has not listed any contacts yet. We broke up my senior year. 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. As the Court of Appeals for the Fourth Circuit noted in Smoot Sand & Gravel Corporation v. Commissioner [60-1 USTC 9241], 274 F.2d 495, 500 (1960), affirming a Memorandum Opinion of this Court [Dec. 23,307(M)], certiorari denied 362 U.S. 976 (1960): We believe petitioner has amply demonstrated that as of May 1, 1955, its accumulated earnings and profits in the amount of $2,058,115.20 had been so translated into plant expansion, new equipment, increased receivables, etc., and that, therefore, they were not available to satisfy any reasonable business needs that might confront petitioner during the years in issue. Decided Dec. 6, 1954. Bill Mack: Shamrock's Midnight Cowboy Marker in Ft. Worth, Mack became the announcer for the great Bob Wills. 148, 99 L.Ed. In 1959, he merged that business with Campbell Taggart, and a few years later, he became chairman and CEO of the company. I hate to admit, even at this distance, that I brazenly pretended it was grief choking us up. 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. His signature on the check didnt mean that FDRs son had been born again. He controlled the station I sang for. No. 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. 334. 1954) Annotate this Case US Court of Appeals for the Tenth Circuit - 208 F.2d 777 (10th Cir. Winter Park Chamber Immersive Art Exhibit Field Trip happening at Mead Botanical Garden, 1300 South Denning Drive, Winter Park, United States on Thu Mar 30 2023 at 11:30 am to 01:30 pm . N. E. 8th (Amarillo Blvd.) And what will be remembered of the high-flying anthems and hundred-voice-choir pieces of today? I dont want to leave the impression that Meads Quartet was irreverent or cynical, or that I was. Bins Mr. Lane (1924-2000), an Army veteran and graduate of Texas A&M University, joined the Campbell Taggart accounting department in 1947. Opinion for Mead's Fine Bread Co. v. Moore, 208 F.2d 777 Brought to you by Free Law Project, a non-profit dedicated to creating high quality open legal information. large collection of U.S. government documents. Thus, it was forced to borrow funds to obtain the requisite working capital. In the lower-left corner of map below, select either the pin () or the box (). We were too good. We use cookies to ensure that we give you the best experience on our website. bread from mead dregs I've done this several times. There is only one bread shape that I know about and that is the Mead's Fine Bread encased. 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. Pursuant to section 537, the term "reasonable needs of the business" includes the reasonably anticipated needs of the business. 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. Mead's Fine Bread Co., 348 U.S. 115 , where such pricing was held violative of 2 (a). The major portion of this amount consisted of $281,000 representing proceeds from the Penn Mutual loan. I night-managed a drive-in cafe right up to the week before graduation. The thing I did not enjoy was the bread. He was a true golden-throat. MEAD'S FINE BREAD CO on CaseMine. Reverse is blank only showing the reverse of the coin. The requests poured in, sometimes with the titles spelled phonetically: And please play Father Alone, first chance you get or Dead Meads Quartet: Will you please sing Blessed Insurance for my sister who has just lost her husband. Meads cut the price of bread in half in 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. ); and (3) petitioner's advances on open account to its two principal shareholders, E. P. Mead and Ed V. Mead (cf. All were visually striking. Petitioner has failed to meet its burden of proof on this ultimate issue. (1954) - Free download as PDF File (.pdf) or read online for free. Copyright 2022 American Society of Baking. The encasement material is the traditional aluminum and is the thickness of a cent. In the forties I rose to Abilene-wide fame as a singer on a radio gospel show. But Doc remained approachable, the same sweet, tin-eared guy. Section 1.1502-31(a)(18)(vi), Income Tax Regs. But he was a good sport. PO Box 130967, Tyler, TX 75713. The Registered Agent on file for this company is Secretary Of State and is located at Executive-Legislative Building, Santa Fe, NM 87503. We took requests, although most of the cards and letters asked for the jingly kind of quartet songs, which Fred disapproved of. 334. Petitioner was unable to borrow from banks on unsecured loans. 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. Shortly after its incorporation on April 27, 1955, petitioner, in a tax-free reorganization, acquired the assets and assumed the liabilities of the following corporations, which were then dissolved: (These corporations will hereinafter sometimes be referred to as the predecessor corporations.) 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 awards, and more. Since petitioner did not submit a statement of grounds in response to the notification sent by respondent pursuant to section 534(b), petitioner must bear the burden of proving that all or any part of its earnings and profits has not been permitted to accumulate beyond the reasonable needs of its business. Chip Gaines Bought Larry McMurtrys Historic Texas Bookstore. 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. Doc admitted he had a tin ear, but since he paid the freight, his recommendation wrote the ticket. 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. An expert in cost controls, he rose through the ranks to be named controller in 1956 and vice-president, treasurer and CFO in 1965. Mead's Fine Bread Co. v. Moore, 208 F.2d 777 (10th Cir. Next, we have the Lalvin EC-1118, a very strong yeast that has an ABV tolerance of up to 18 percent ABV. Decided Dec. 6, 1954. sold the company to Fehrmead Food Corp., a Dallas-based holding company. 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. Another reason was to create a reserve against losses that might be incurred in connection with possible labor disputes. Petitioner was engaged in a purely intrastate bakery business. a digital repository hosted by the In addition to that amount, petitioner paid interest thereon, and also attorneys' fees in the amount of $26,000. Frankly, being a hymn singer didnt cut much rank in the U.S. Navy. Petitioner's stock was then distributed to the stockholders of the predecessor corporations. Helvering v. Nat. 334. The cost of these additions exceeded depreciation allowed during this period by approximately $170,000. January 2023 Reader Quiz: What Did You Learn? Rehearing Denied Jan. 31, 1955. However, the evidence petitioner presented as to the specific amount of these needs is somewhat inconclusive. photograph, We've identified this 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.

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