Listed below are the cases that are cited in this Featured Case. He was a true golden-throat. 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. 1249 (1927), affd. They encouraged their associates to participate as speakers and officers of the American Society of Baking. 5, 1936), reversing a Memorandum Opinion of the Board of Tax Appeals [Dec. 8588-C]. about this topic here. Newspaper Page Text PITTSIIIJR.GR,GAZE. Messrs. Lynell G. Skarda, Dee C. Blythe, Clovis, N.M., for petitioner. Mead's Fine Bread Co. v. Moore, Court Case No. 121. 20, 1948 (These corporations will hereinafter sometimes be referred to as the predecessor corporations.) The Mead company is famous in legal circles for setting a monopoly precedent at the Supreme Court of the United States. 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. 9, 1954); cf. a digital repository hosted by the My first check as a radio gospel singer on KRBC in Abilene was for $6 and was signed by Elliott Roosevelt. Telephone to Glory, oh, what joy divine! crediting McMurry University Library. from atop St. Anthony's Hospital about 1960. I thought I had it made as a singing swabbie. 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. Eternal Father, strong to save, Whose arm hath bound the restless wave, Who biddst the mighty ocean deep Its own appointed limits keep, O, hear us when we cry to Thee For those in peril on the sea! The Hymn of the U.S. Navy. The encasement material is the traditional aluminum and is the thickness of a cent. 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. [Mead's Fine Bread Company] Side: 1 of 1 1 photograph : positive, col. ; 35 mm. University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; Because it had a bass lead, he even let us do Have a Little Talk With Jesus, and with his high tenor, Fred got to swinging the song more than any of us. 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. Motor Fuel Carriers, Inc. v. United States [63-2 USTC 9697], 322 F.2d 576 (C. A. 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 . He was elected president in 1982. 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 (). and Florence VanHoozer in the Bethel community east of Lawton, and was one of four kids. These corporations purchase their flour and bread wrappers as a unit. photograph, I hate to admit, even at this distance, that I brazenly pretended it was grief choking us up. The Portal to Texas History, 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. 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. I never sang much after I got out of college. 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. We've identified this We've created an We do not agree with any of petitioner's contentions relating to its advances to Angus. They were the first to apply computer analysis to cost controls, bakery efficiency and organizational structure. The crowd got quiet. Petitioner did not submit a statement of grounds, as permitted under section 534(c). 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. 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. Our Findings of Fact contains the various factors which led us to this conclusion. 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. Reverse is blank only showing the reverse of the coin. Rehearing Denied Jan. 31, 1955. Texas Lege Watch: A House Republican Fights for Chicken Freedom, Texas Monthly Recognized by ASME in the 2023 National Magazine Awards. 160, 169-170 (1950); Reginald C. Vanderbilt [Dec. 2059], 5 B. T. A. The thing I did not enjoy was the bread. In part, these time deposits were held as to reserve for the contingent tax liability. On another occasionthe funeral of the father of a friend of mineTommy got off on the wrong key to begin with (the organist was unfamiliar with our style) and started positively whimpering instead of singing. 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. large collection of U.S. government documents. 1. WHEN UPON LIFES BILLOWS you are tempest tossed, When you are discouraged, thinking all is lost . 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. Section 535(c). The company's filing status is listed as Withdrawal and its File Number is 268904. 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. Some clever perspective design shows the end of the loaf as well as the side. Of the 711 students enrolled in the school, 4 had their own cars. 1922); Henry P. White [Dec. 20,611], 23 T.C. Your support aids students of all ages, rural communities, 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. The company's mailing address is None Given, None Given, TX 00000. In 1954 the company was sued by a competitor The Moore Bakery. 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. The encasement is approximately 2 inches wide by 1 at its tallest point. collections, new partnerships, information on research, trivia, Subsequently, the Court noted that 'the decisions of the federal courts in primary-line-competition cases * * * consistently emphasize the unreasonably low prices and the predatory intent of the defendants.' UNT's history and scholarship, library special collections, plus a Mead Service Co., 10 Cir., 184 F.2d 338, on appeal from a judgment of the trial court dismissing the action, . After a revenue agent made an income adjustment to Angus' return in 1956 for unreported rental income of $4,200, Angus in subsequent years began to report rental income for the quarters occupied by Ed V. Mead. accessed March 4, 2023), We ordered the grilled artichokes, the lamb tart, the pozole negro, and the ricotta cavatelli. Can College Sports Get More Absurd Than SMU Joining the Pac-12? During the years in issue petitioner had definite plans for the acquisition of additional bakeries and for diversification into related businesses. 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. The Registered Agent on file for this company is Secretary Of State and is located at Executive-Legislative Building, Santa Fe, NM 87503. Trash Compactor Parts & Accessories. Featuring thousands of newspapers, photographs, sound recordings, technical drawings, and much more, this diverse collection tells the story of Texas through the preservation and exhibition of valuable resources. Mead's Fine Bread Co., 348 U.S. 115, 75 S.Ct. 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. 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. Petitioner in each of the years in issue realized a substantial profit. Research the case of Mead's Fine Bread Co. v. Moore, from the Tenth Circuit, 12-11-1953. My moral code today is based as much on my hymn singing as on my churchgoing (Yield not to temptation, For yielding is sin;/Each victry will help you Some other to win). At all times relevant hereto, it was contemplated that petitioner would acquire the stock of Mead Co., Inc., after it had either paid or refinanced the loan from Penn Mutual. This amount would have been insufficient to enable petitioner to conduct its operations for one day. However, petitioner was able to enter the potato chip business indirectly when E. P. Mead and Ed V. Mead, on January 30, 1957, organized Mead Co., Inc.3 Mead Co., Inc. produced potato chips which it supplied to petitioner for distribution. Petitioner was engaged in a purely intrastate bakery business. Doc admitted he had a tin ear, but since he paid the freight, his recommendation wrote the ticket. 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. Lane were chairman, CEO and president of The Earthgrains Co. (previously Campbell Taggart, Inc. and today part of Bimbo Bakeries USA), Dallas, Texas. 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. He appointed me to reorganize the quartet, took out half a page in the newspaper to announce itand paid us $15 a week. The Jay-Rollins Library serves the students, faculty, and staff of McMurry University in Abilene. 334. . 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. These corporations maintain plants at Lubbock and Big Spring, Texas, and at Hobbs, Roswell, and Clovis, New Mexico. Check out our Resources for Educators Site! ; Raymond I. Smith, Inc. [Dec. 23,812], 33 T.C. They sold bread throughout the Southwest. But overall, great experience!" Grape Vine Cafe - Buffalo . Included among these factors are: (1) Petitioner's advances on open account to Mead Industries, Inc. (cf. Our theme song was bouncy: Theres within my heart a melody . On February 1, 1956, petitioner refinanced them with a $600,000 loan from The Penn Mutual Life Insurance Company (hereinafter referred to as the Penn Mutual loan). Obverse reads: "Mead's Fine Bread" The encasement has wrapper lines on the right end to give it a 3-D look. There was a trend in the baking industry toward more credit and larger receivables. Pursuant to section 537, the term "reasonable needs of the business" includes the reasonably anticipated needs of the business. However, to the extent petitioner can establish that it retained all or any part of its earnings and profits to meet the reasonable needs of its business, such amount will be allowed as a credit against its accumulated taxable income7 subject to the accumulated earnings tax. Accordingly, the buildings required special wiring and plumbing, oversized loading platforms, and various other unique features. These controls are experimental and have not yet been optimized for user experience. Petitioner sold its stock in First State Bank of Amarillo on August 20, 1959, for $251,650, realizing a gain of $138,430, and used a portion of these proceeds to pay these amounts. I can feel the current moving down the line. Historic newspapers digitized from across the Red River. Was born December 22, 1919 to W.L. collections, new partnerships, information on research, trivia, If you fill out the first name, last name, or agree to terms fields, you will NOT be added to the newsletter list. 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. Fourteen of these plants were acquired between 1946 and May 1, 1955. 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. The piece has Mead's fine Bread on the front and the back is plain. Fred nearly cried when I walked into the studio. It boosts volume, adds texture, and promotes growth. sold the company to Fehrmead Food Corp., a Dallas-based holding company. Creator: Unknown. crediting McMurry University Library. photograph, The major portion of this amount consisted of $281,000 representing proceeds from the Penn Mutual loan. 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. Our guide for the night met us and slipped us in through the back door, seating us on the front row of the choir. In the forties I rose to Abilene-wide fame as a singer on a radio gospel show. 396 (1932), affd. 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. 141 (1959), affd. photograph It tasted a bit old. Petitioner's average four week cash balances for the fiscal year ended April 30, 1956, was $360,283.37. Food is delicious. ACE Newsletter "The Casement" - PDF files available, https://caselaw.findlaw.com/us-supreme-court/348/115.html. They all market their bread under the name 'Mead's Fine Bread' and promote the product through a common advertising program. Service is great. 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. was provided by the McMurry University Library section 1.537-2 (c)(3), Income Tax Regs. "Mead's Fine Enriched Bread" "Good and Fresh". Side: Its average cash balance for the four weeks ended March 1, 1956, excluding the Penn Mutual loan from proceeds, was $40,733.86. Harry Grant suffered a near-death experience when he was a 12-year-old, he revealed. . Bring on the Shiplap? Sewing Notions & Supplies See 348 U.S. 932, 75S.Ct. Mead's Fine Bread operated in Texas and New Mexico. . Descriptive information to help identify this photograph. In fact, as September 1940 approached I faced zero possibilities of advanced schooling. Whats Up With All the Kangaroos on the Loose in Texas. 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. 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. For partners and peer institutions seeking information about