But I looked at it as $4.80 an hour. Section 535(c). . The announcers wife played the piano, and he sang baritone. It boosts volume, adds texture, and promotes growth. Mr. Lane succeeded him as chairman and CEO until his retirement in 1987. Angus also owned a farm of approximately 180 acres in Albuquerque which it acquired for approximately $175,000. was provided to The Portal to Texas History Mead's Fine Bread Co. v. Moore, 208 F.2d 777 (10th Cir. That girl had a better knack for peacemaking than war, and even a hound like Radagon could be coaxed away from his aggressive mantras. They only cut the price in Santa Rosa, but not in other Texas or New Mexico locations. India; UK & Ireland . 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. To learn more about cookies and how ASB uses them please visit our Privacy Policy page. 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. He thought I didnt have a good voice, because I couldnt take that bass lead in Give the World a Smile Each Day the way the Stamps-Baxter Quartet bass did. During the years in issue petitioner had definite plans for the acquisition of additional bakeries and for diversification into related businesses. section 1.537-2 (c)(3), Income Tax Regs. Request UpdateGet E-Mail Alerts Text Citations (65) Cited By (4) 208F.2d777 MEAD'S FINE BREAD CO. v. 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. January 2023 Reader Quiz: What Did You Learn? The major portion of this amount consisted of $281,000 representing proceeds from the Penn Mutual loan. MEADOWVIEW POOL CO; MEADS STEPHEN OIL CO CO; MEAD-RAYMOND CORPORATION. Neither petitioner nor any of the predecessor corporations has ever declared or paid a taxable dividend. Meads Fine Bread Co., his competitor, engaged in an interstate business. In 1958, petitioner also acquired common stock in Citizens National Bank, Abilene, Texas, at a cost of $11,280.4 During the years in issue petitioner maintained a portion of its assets in the form of time deposits. The Jay-Rollins Library serves the students, faculty, and staff of McMurry University in Abilene. We ordered the grilled artichokes, the lamb tart, the pozole negro, and the ricotta cavatelli. 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! There was a trend in the baking industry toward more credit and larger receivables. 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. 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). But Doc remained approachable, the same sweet, tin-eared guy. Bins Petitioner, in the period before us, was faced with contingent liabilities in excess of $385,000 arising because of tax deficiencies asserted against the four corporations absorbed by it, interest thereon, and estimated expenses related thereto, including legal and accounting fees. Although a portion of petitioner's sales was on a cash basis, an increasing number were being made on credit, either on weekly or 30-day payment terms. Lalvin EC-1118. MEAD'S FINE BREAD COMPANY, a Corporation: Docket Number: No. 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. 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. Development costs for the new route, including additional consumption of supervisor time and more stale, unsold bread to be picked up from the stores on the route, result in losses of approximately an additional $5,000 per route for the first year of operation. As a direct result of these negotiations, petitioner did, in fact, purchase 4 of these plants, as follows: In addition to its plans for purchasing additional bakery plants during the years herein involved, petitioner also had specific plans for constructing new plants in Tucson, Arizona, and Ada, Oklahoma. 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. February 2023 Reader Quiz: What Did You Learn? 4615_1 in the Court of Appeals for the Tenth Circuit. Mr. Edward W. Napier, Lubbock, Tex., for respondent. Real Good Kitchen. 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. On September 14, 1961, petitioner also purchased all of Mead's Frozen Foods, Inc., for $97,727. Daniel Vaughn is the countrys first barbecue editor, and he has eaten more barbecue than you have. Fills my evry longing, Keeps me singing as I go. Creation Date: Unknown. . 5, 1963). Mead's fine bread of el paso, inc. is a New Mexico Foreign Profit Corporation filed on March 28, 1948. Mr. Mead (1919-2006) started after high school as a bread route salesman for the Abilene, Texas bakery owned by his father and uncle. Sewing Notions & Supplies The executives invested substantially in new technology to open new markets, specifically taking pan variety bread to national distribution. 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. An encased cent in n aluminum loaf of bread. Petitioner's stock was then distributed to the stockholders of the predecessor corporations. He was elected president in 1982. The busy boulevard in 1965, six lanes wide with abundant centered street lights. As of May 1, 1955, the equipment in many of petitioner's plants was obsolete, worn out, and in need of replacement. MEAD'S FINE BREAD COMPANY is a New Mexico Foreign Profit Corporation filed on November 21, 1949. The number of companies that we have information about in our database: 442,383+ NewMexicoEnterprise.com M ME MEA . United States Court of Appeals Tenth Circuit. Rennala had packed lightly when she departed from Raya Lucaria. Nor can it be bound by stipulations of fact which appear contrary to the facts as disclosed by the record. Check out our Resources for Educators Site! Thus, petitioner was, in effect, prevented by the terms of the Penn Mutual loan from expanding by means of debt financing. Throughout its entire existence, petitioner has experienced great diffculty in obtaining adequate credit and financing. Section 1.1502-31(a)(19)(i), Income Tax Regs. Mr. Justice DOUGLAS delivered the opinion of the Court. Of the 711 students enrolled in the school, 4 had their own cars. There is no known record of who created these encasements for Meads. And I did a couple of bars on harmonica. [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. ; Electric Regulator Corporation [Dec. 26,236], 40 T.C. [4 USTC 1299] 72 F.2d 67 (C. A. D. C. 1934); cf. Trash Compactor Parts & Accessories. Sign up for our periodic e-mail newsletter, and get news about our I had never taken voice lessons and did not plan on becoming a music professional, but I sang a pretty fair country bass and blended well. Subsequently, the Court noted that " the decisions of the federal courts in primary-line-competition cases . In 1958 they consolidated the company. Basic information for referencing this web page. Lakewood, CO. 972. From this it derived minimal receipts. as well as independent and professional researchers. 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. 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. from atop St. Anthony's Hospital about 1960. 334. Bill O. Mead and Connie B. John Randolph Hopkins [Dec. 17,811], 15 T.C. In part, these time deposits were held as to reserve for the contingent tax liability. 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. Angus had acquired these cattle at a cost of $129,734. Petitioner has failed to meet its burden of proof on this ultimate issue. Neither petitioner nor any of the predecessor corporations paid a taxable dividend throughout their respective existences. Argued Nov. 17, 1954. 5, 1936), reversing a Memorandum Opinion of the Board of Tax Appeals [Dec. 8588-C]. Angus sustained substantial net operating losses from the year petitioner acquired it until it was disposed of in 1960. https://texashistory.unt.edu/ark:/67531/metapth1165909/m1/1/. Mead's Fine Bread Co., 348 U.S. 115, 75 S. Ct. 148, 99 L. Ed. Although Meads Quartet never reached the point of commanding a fee for public performances, it was in demand for revivals, special appearances, and funerals. endowment Angus was organized by El Paso on August 12, 1953, to engage in raising and breeding an elite show herd of Aberdeen Angus cattle. 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. (Howard F. Houk, Santa Fe, N. M., was with him on the brief), for appellant. Petitioner was engaged in a purely intrastate bakery business. He Keeps Me Singing. 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 of April 30, 1956, these amounted to $150,000. (https://caselaw.findlaw.com/us-supreme-court/348/115.html - United States Supreme Court, MOORE v. MEAD'S FINE BREAD CO.(1954)), Home|Articles| In 1949 the El Paso and Albuquerque plants were closed because of strikes. Section 533. Petitioner's position in response to this is that Angus was, during these years, engaged in the business of farming and raising cattle and that this was stipulated to by respondent. Anderson's Business Law and the Legal Environment, Comprehensive Volume (23rd Edition) Moore ran a bakery in Santa Rosa, New Mexico. For partners and peer institutions seeking information about Rehearing Denied Jan. 31, 1955. UNT's history and scholarship, library special collections, plus a The proposed tax deficiencies were finally determined to be $149,393.66, per Tax Court decision of November 10, 1959. I never sang much after I got out of college. 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. These loans proved unduly restrictive. Your support aids students of all ages, rural communities, Creation Information Creator: Unknown. After he left our station he became famous for making one of the classic radio bloopers of all time. 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. Free delivery for many products. photograph 4615. In the lower-left corner of map below, select either the pin () or the box (). Fred nearly cried when I walked into the studio. 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. Check out our Resources for Educators Site! When the quartet gave up after Kneel at the Cross, the band played onto the clapping of the crowd. 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. 1094 (1936); Beim Co. v. Landy [40-2 USTC 9630], 113 F.2d 897, 900 (C. A. Drop a pin or drag to create a new rectangle. try Mrs. Bairds. Or was that a legend? . They have continued to increase since that time. It also believed that since the consumption of refrigerated biscuits directly cut into the bread market, it should expand into the biscuit business to protect its share of the market. Argued Nov. 17, 1954. From that time to date, their activities in this business reflect sustained growth, expansion and diversification. Mead's was founded in 1918 by J.H. Bakery & Bread Shop All Sliced Bread . . Cf. Mead's Fine Bread Company - New Mexico business overview: agent, contacts, address, registration date, reports and more. These corporations purchase their flour and bread wrappers as a unit. Meads Quartet didnt need all that support system. He claims that the bartender . After overseeing the merger of Campbell Taggart with Anheuser Busch, Mr. Mead retired in 1983. The ultimate issue for our decision is whether petitioner was availed of during its fiscal years ended April 30, 1956, through April 30, 1958, for the purpose of avoiding income taxes with respect to its shareholders by permitting its earnings and profits to accumulate instead of being divided or distributed. Reserved Copyright Bruce Perdue. Bring on the Shiplap? Petitioner in each of the years in issue realized a substantial profit. was provided by the McMurry University Library We took requests, although most of the cards and letters asked for the jingly kind of quartet songs, which Fred disapproved of. Service is great. 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. Telephone to Glory. and Florence VanHoozer in the Bethel community east of Lawton, and was one of four kids. Get free access to the complete judgment in MOORE v. MEAD'S FINE BREAD CO on CaseMine. 15 (1947); and World Pub. Our theme song was bouncy: Theres within my heart a melody . extended guidance on usage rights, references, copying or embedding. 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. "Mead's Fine Enriched Bread" "Good and Fresh". . Music has always had more effect on my emotions than the spoken word. Once, in Philadelphia, I enjoyed a comeback. Bill Mack: Shamrock's Midnight Cowboy Marker in Ft. Worth, Mack became the announcer for the great Bob Wills. The Supreme Court ruled that this was monopolistic behavior and that as an interstate and intrastate company is was illegal to cut the prices in one town without cutting their prices in all their locations. For partners and peer institutions seeking information about The Sahara Sands Motel (BELOW) became a Holiday Inn about 1963 (ABOVE) 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). 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. Mead and his four sons. ; Raymond I. Smith, Inc. [Dec. 23,812], 33 T.C. 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. 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.