mead's fine bread company

--- Decided: Dec 6, 1954 See 348 U.S. 932, 75 S.Ct. . There was little desire to wallow or linger in her former husband's company, and her heart was still heavy despite her peace with the Tarni- with Elia. Petitioner's stock was then distributed to the stockholders of the predecessor corporations. These corporations maintain plants at Lubbock and Big Spring, Texas, and at Hobbs, Roswell, and Clovis, New Mexico. For partners and peer institutions seeking information about 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. Mr. Edward W. Napier, Lubbock, Tex., for respondent. My mead has about 12% alcohol, but the yeast could go to 18%. Funerals became an almost weekly ritual. 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. 1954) Annotate this Case US Court of Appeals for the Tenth Circuit - 208 F.2d 777 (10th Cir. Mead's Fine Bread operated in Texas and New Mexico. [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. 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 . Throughout its entire existence, petitioner has experienced great diffculty in obtaining adequate credit and financing. section 1.537-2(c)(4), Income Tax Regs. Several other reasons caused petitioner to retain its earnings in this period. 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. When the young peoples class offered special music at the little church we attended (it had no choir), I was always the bass. ); and (3) petitioner's advances on open account to its two principal shareholders, E. P. Mead and Ed V. Mead (cf. Request UpdateGet E-Mail Alerts Text Citations (65) Cited By (4) 208F.2d777 MEAD'S FINE BREAD CO. v. Basic information for referencing this web page. Filed: 1954-01-16 Precedential Status: Precedential Citations: 208 F.2d 777 Docket: 4615_1 Leave them blank to get signed up. He was born February 7, 1932 to N.B. 6, 1929), certiorari denied 280 U.S. 588 (1929); John A. Nelson Co. v. Commissioner [35-1 USTC 9164], 75 F.2d 696, 697 (C. A. Neither Ed V. Mead nor any other officer of Angus or petitioner devoted any of his time to the affairs of Angus. This truly unique cheese is made with charcoal from the Featherstone mines in Yorkshire mixed with a wonderfully creamy mature wax coated cheddar. Unique identifying numbers for this photograph in the Portal or other systems. 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. Mead's Fine Bread Co., 348 U.S. 115, 75 S. Ct. 148, 99 L. Ed. 396 (1932), affd. They only cut the price in Santa Rosa, but not in other Texas or New Mexico locations. 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. We also provide I like to serve this rich, saucy entree with a salad and homemade French bread. United States Tax Court.https://leagle.com/images/logo.png. Lakewood, CO. 972. Sewing Notions & Supplies 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. 5, 1963). 6, 1955), certiorari denied 351 U.S. 939 (1956). No. 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. 141 (1959), affd. In 1978, the 7, 1935), affirming [Dec. 8135] 28 B. T. A. 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. Notes [ edit] The Mead Bread Company maintained plants at Lubbock and Big Spring, Texas, and at Hobbs, Roswell, and Clovis, New Mexico. 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. 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 yeast I used fermented the mead to dry and still had a much higher alcohol tolerance. 4615_1 in the Court of Appeals for the Tenth Circuit. 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 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. 3. crediting McMurry University Library. endowment 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. Petitioner had in its possession standard architectural plans which it expected to use in erecting these bakeries. (https://caselaw.findlaw.com/us-supreme-court/348/115.html - United States Supreme Court, MOORE v. MEAD'S FINE BREAD CO.(1954)), Home|Articles| He Keeps Me Singing. Harold D. Rogers, for the respondent. When the war was over I returned to college and, despite the GI bill, the need for extra income arose. Log In. Motor Fuel Carriers, Inc. v. United States [63-2 USTC 9697], 322 F.2d 576 (C. A. Although petitioner acquired a plant site in Tucson on March 13, 1958, it later abandoned the project after the years in issue because a competitor that already serviced that market announced that it was opening a plant in Tucson. 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. Daniel Vaughn is the countrys first barbecue editor, and he has eaten more barbecue than you have. Telephone to Glory. . This Section 533. Our guide whispered to us that sometimes the service went on until pretty late and we might want to leave. UNT Libraries. On September 14, 1961, petitioner also purchased all of Mead's Frozen Foods, Inc., for $97,727. Sign up for our periodic e-mail newsletter, and get news about our Petitioner was engaged in a purely intrastate bakery business. Our theme song was bouncy: Theres within my heart a melody . Petitioner and its affiliate, Angus, had gross income, cost of goods sold, operating expenses, and taxable income6 for the years in question, as follows: Petitioner retained all of its earnings during the years in issue. 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. 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. 1094 (1936); Beim Co. v. Landy [40-2 USTC 9630], 113 F.2d 897, 900 (C. A. 10, 1948), certiorari denied 335 U.S. 911 (1949). They had a competitor in Santa Rosa, Texas, and Mead's cut the price of their bread from 14 to 7. 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. By using this website, you are consenting to the use of cookies. PO Box 130967, Tyler, TX 75713. He upped my wages to $7.50. Categories: Pharmaceutical . See 348 U.S. 932, 75 S.Ct. One such factor is the rapid growth of the four predecessor corporations between October 1946 and May 1, 1955, whereby they acquired 14 additional plants and doubled their number of employees. Get free access to the complete judgment in MEAD'S FINE BREAD CO. v. MOORE on CaseMine. Although petitioner purchased the site for a new plant in Ada, Oklahoma, in October 1957, it abandoned plans for constructing this plant in 1961 because its other plant in that town was not operating as profitably as had been expected. We use cookies to ensure that we give you the best experience on our website. Section 535(c). Thereafter the sole activity engaged in by Angus, aside from leasing the home on its farm to Ed V. Mead and selling unneeded equipment, was to lease, on a share crop basis, a portion of its land for the cultivation of hay. Mead's Fine Bread Co. v. Moore, Court Case No. Decided Dec. 6, 1954. The best restaurants in town were located along "The Main Street of America" in the '60s. large collection of U.S. government documents. [Mead's Fine Bread Company], Count your many blessings, evry doubt will fly, And you will be singing as the days go by. 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. 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.) ); (2) the amount of petitioner's securities investments during the years in issue (cf. 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. This company has not listed any contacts yet. After he left our station he became famous for making one of the classic radio bloopers of all time. On September 12, 1955, petitioner borrowed a total of $400,000 from two banks. 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. The company's mailing . WHEN UPON LIFES BILLOWS you are tempest tossed, When you are discouraged, thinking all is lost . 1055 (1927), affd. N. E. 8th (Amarillo Blvd.) Real Good Kitchen. Sponsored 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. There is only one bread shape that I know about and that is the Mead's Fine Bread encased. 148 99 L.Ed. As noted above, the parties stipulated that Angus, during the years in issue, was engaged in the agricultural and livestock business. The consolidated accumulated earnings credit is. 529 (1933), reversed on another issue [36-1 USTC 9019] 296 U.S. 374 (1935); McClintock-Trunkey Co. [Dec. 19,316], 19 T.C. 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. . by the McMurry University Library. Petitioner is a Delaware corporation with its principal office in Amarillo, Texas. Go to Recipe. 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. Over the years, the Mead brothers and their families split up the operations. MEAD'S FINE BREAD COMPANY (trading name, 1949-11-08 - 1960-04-29) Another reason was to create a reserve against losses that might be incurred in connection with possible labor disputes. The remaining stock in petitioner was held by other members of the Mead family during the period in question. Can College Sports Get More Absurd Than SMU Joining the Pac-12? a digital repository hosted by the In fact, the orchestra didnt want to quit. And You Thought Feral Hogs Were Bad. It is our opinion that, in the computation of the consolidated accumulated earnings credit under section 1.1502-31(a)(19)(i) of the Income Tax Regulations, only the reasonable needs of the operating companies included in the group may be considered. Music has always had more effect on my emotions than the spoken word. Deering v. Blair [1928 CCH D-8065], 23 F.2d 975 (C. A. D. C. 1928); Thacher v. Lowe [1 USTC 70], 288 F. 994 (S. D. N. Y. There was a trend in the baking industry toward more credit and larger receivables. 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. 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. Food is delicious. Bill Mack: Shamrock's Midnight Cowboy Marker in Ft. Worth, Mack became the announcer for the great Bob Wills. We've identified this 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 Section 1.537-3(b), Income Tax Regs. A naturally leavened artisan fruited bread with sweet bites of peach and semi-candied apricot complemented by the fragrance of lavender. Both men provided leadership to industry groups including the American Bakers Association and the American Institute of Baking. 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'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. I did hold membership in the Bluejacket Choir, but there were too many opera singers and famous vocalists for a Texas fundamentalist to hang on very long. New York, USA Memento Mori combines wildflower honey, orange peel, and dandelions foraged at peak bloom to create a sensory experience akin to strolling in a meadow on the first warm day of spring. It had been contemplated that petitioner would acquire direct control of this business when it was free of the conditions imposed by said loan agreement. 1954) December 11, 1953 Rehearing Denied January 16, 1954 Edward W. Napier, Lubbock, Tex. 288 (1958). 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. Meads Quartet didnt need all that support system. is part of the collection entitled: 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. One of the first meads ever produced and sold by Enlightenment Wines Meadery . This photograph is part of the following collections of related materials. 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. Context image file Mr. Justice DOUGLAS delivered the opinion of the Court. The Sahara Sands Motel (BELOW) became a Holiday Inn about 1963 (ABOVE)

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