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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. In 1958 they consolidated the company. Tell us if you know the precise location of this item. 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. These corporations maintain plants at Lubbock and Big Spring, Texas, and at Hobbs, Roswell, and Clovis, New Mexico. Petitioner in each of the years in issue realized a substantial profit. as a primary source within our collections. 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. 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. 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). 886, 895 (N. D. Okla. 1947), affd. He upped my wages to $7.50. To Join the "Encased Collectors" Email List email me: Please visit the Numismatic sites below for additional information on coin collecting. University of North Texas Libraries, The Portal to Texas History, View a full description of this photograph, Brightness, Contrast, etc. The mead yeast also has a fruity ester profile, so if you want to make mead that has a fruity taste, like a melomel or fruit mead, consider this yeast. Petitioner was engaged in a purely intrastate bakery business. Doing a bread spot, he said, For the breast in bed . I thought I had it made as a singing swabbie. 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. Rehearing Denied Jan. 31, 1955. 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. United States Court of Appeals Tenth Circuit. That girl had a better knack for peacemaking than war, and even a hound like Radagon could be coaxed away from his aggressive mantras. 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. 9, 1961), certiorari denied 368 U.S. 948 (1961); Kerr-Cochran, Inc. [Dec. 22,934], 30 T.C. Helvering v. Nat. Was born December 22, 1919 to W.L. 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. Angus had the following gross receipts from the sale of hay: Neither Ed nor any other officer of Angus or petitioner devoted any of his time to the affairs of Angus. Section 533. 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. Alabama: White Cheddar Scalloped Potatoes. However, the evidence petitioner presented as to the specific amount of these needs is somewhat inconclusive. Of the 711 students enrolled in the school, 4 had their own cars. 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. 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. This amount would not have been sufficient to enable petitioner to conduct its operations for one day. and "Mead's Fine Enriched Bread" "Good and Fresh". God be with you till we meet again! Petitioner made offers on 10 of these plants. In fact, the orchestra didnt want to quit. 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 estimated average cost of purchasing and installing the necessary equipment was $150,000 per plant. The regular bassa "grown man," as I thought of ithad been. 334. This company has not listed any contacts yet. Mrs. Claude M., Baird, Texas.. As previously indicated, petitioner has the burden of proving that the earnings retained by it during the years in issue did not exceed its reasonable business needs. 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. Sponsored The Mead Bread Company maintained plants at Lubbock and Big Spring, Texas, and at Hobbs, Roswell, and Clovis, New Mexico. Section 1.1502-31(a)(18)(vi), Income Tax Regs. . The Jay-Rollins Library serves the students, faculty, and staff of McMurry University in Abilene. 121. During the years in issue petitioner spent a total of approximately $1,400,000 for additions to its existing plants and equipment. This Court cannot be bound by stipulations as to law. Real Good Kitchen. Calvary . and Florence VanHoozer in the Bethel community east of Lawton, and was one of four kids. Mead's was founded in 1918 by J.H. View a full description of this photograph. For partners and peer institutions seeking information about to improve everyone's access to primary sources online. 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. Some clever perspective design shows the end of the loaf as well as the side. 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. 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. Section 537. Researchers, educators, and students may find this photograph useful in their work. Music has always had more effect on my emotions than the spoken word. 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. Petitioner's total accounts receivable in 1956 were $487,000 as compared to $730,000 in 1959. 1094 (1936); Beim Co. v. Landy [40-2 USTC 9630], 113 F.2d 897, 900 (C. A. There is only one bread shape that I know about and that is the Mead's Fine Bread encased. Mead's fine bread company is a New Mexico Foreign Profit Corporation filed On November 21, 1949. Obverse reads: "Mead's Fine Bread" The encasement has wrapper lines on the right end to give it a 3-D look. crediting McMurry University Library. In the forties I rose to Abilene-wide fame as a singer on a radio gospel show. On the second verse Jimmy did a solo over our humming (Oh, that old rugged cross so despised by the world,/Has a wondrous attraction for me), and the last verse we did a cappella, phrasing it tightly, bring the piano back in for the chorus. As previously indicated, during the years in issue, petitioner steadily expanded its activities in the bakery business. 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. the Indianapolis Brewing Company, as his bondsmen, for alleged injuries received in the defendant's place of business. This truly unique cheese is made with charcoal from the Featherstone mines in Yorkshire mixed with a wonderfully creamy mature wax coated cheddar. Fred joined the Air Force (and died in the service), and Norman, our second tenor, became an airman too. I night-managed a drive-in cafe right up to the week before graduation. Filed: 1955-01-31 . 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). These corporations purchase their flour and bread wrappers as a unit. Dates and time periods associated with this photograph. 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. After he left our station he became famous for making one of the classic radio bloopers of all time. is part of the collection entitled: They had a competitor in Santa Rosa, Texas, and Mead's cut the price of their bread from 14 to 7¢. Grocery Co. [38-2 USTC 9312], 304 U.S. 282 (1938); F. E. Watkins Motor Co. [Dec. 23,233], 31 T.C. 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. Hope Toole, Muscle Shoals, Alabama. Mr. Justice DOUGLAS delivered the opinion of the Court. However, because of our finding that a portion of its earnings and profits were accumulated to meet the reasonable needs of its business during its taxable years ended April 30, 1957 and 1958, petitioner is entitled to a consolidated accumulated earnings tax credit based upon such finding. 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. Terms of Use, Site Copyright 1999-2021 by Bruce Perdue Email: WebmasterAll Rights Click on the images below to view .pdf files of the inductees biography and plaque. 7, 1935), affirming [Dec. 8135] 28 B. T. A. Decided Dec. 6, 1954. And You Thought Feral Hogs Were Bad. And TommyI wonder what did happen to Tommy? 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. 121. photograph, United States Tax Court.https://leagle.com/images/logo.png. Rennala had packed lightly when she departed from Raya Lucaria. However, we also conclude that during each of its taxable years 1957 and 1958, petitioner did have reasonable business needs equal to the amount of earnings retained by it during such year, minus the amount advanced to Angus in such year. Will the Circle Be Unbroken, The Great Speckled Bird, and Farther Along got a fair amount of air time on a New York gospel station. Some content on this site may be difficult to view. is part of the collection entitled: The boycott gave Moore a complete monopoly of the bread business in Santa Rosa. 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. Accordingly, the buildings required special wiring and plumbing, oversized loading platforms, and various other unique features. 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. 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. Whats Up With All the Kangaroos on the Loose in Texas. Thus, in our opinion the amounts advanced to Angus during the period in issue constitute investments unrelated to petitioner's business. Mead and his four sons. The Registered Agent on file for this company is Secretary Of State and is located at Executive-Legislative Building, Santa Fe, NM 87503. 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. The Mead Corporation. . was provided by the McMurry University Library per curiam [56-1 USTC 9139] 227 F.2d 779 (C. A. And what will be remembered of the high-flying anthems and hundred-voice-choir pieces of today? One such reason was the threat of reduced profits because of price cutting by chain stores which, in addition to their retail trade, operated bakeries. Website unavailable outside U.S. It had also estimated construction costs of $100,000 for the Ada plant and an additional $150,000 for equipment. The related events are co-sponsored by the Fine Arts Department, the Theater and Dance Department, and the Women's and Gender Studies Department. Mr. Mead (1919-2006) started after high school as a bread route salesman for the Abilene, Texas bakery owned by his father and uncle. Thus, it was forced to borrow funds to obtain the requisite working capital. My first check as a radio gospel singer on KRBC in Abilene was for $6 and was signed by Elliott Roosevelt. The proposed tax deficiencies were finally determined to be $149,393.66, per Tax Court decision of November 10, 1959. This company was engaged in the business of manufacturing and selling bread. A car was out of the question. Petitioner did not submit a statement of grounds, as permitted under section 534(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. Experience the joy of artisan baking using first-rate ingredients from this award-winning Venetian bakery. Petitioner has failed to meet its burden of proof on this ultimate issue. And I did a couple of bars on harmonica. Petitioner's management had estimated during the years in issue that trade accounts receivable would increase between 20 and 25 percent per year. 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. 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. 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. 15 (1947); and World Pub. Filed: 1954-01-16 Precedential Status: Precedential Citations: 208 F.2d 777 Docket: 4615_1 Check out our Resources for Educators Site! In 1960 its Oklahoma City plant was closed because of a strike and in 1962 its Jeffersonville, Indiana, plant was subject to a prolonged strike. The busy boulevard in 1965, six lanes wide with abundant centered street lights. MEAD'S FINE BREAD CO on CaseMine. MEAD'S FINE BREAD COMPANY branch Company Number 268904 Status Withdrawal Incorporation Date 21 November 1949(over 72 years ago) Company Type Foreign Profit Corporation Jurisdiction New Mexico (US) Branch Branch of MEAD'S FINE BREAD COMPANY(Texas (US)) Inactive Directors / Officers SECRETARY OF STATE, agent, 21 Nov 1949- Registry Page