University of North Texas Libraries, The Portal to Texas History, View a full description of this photograph, Brightness, Contrast, etc. 4615_1 No tags have been applied so far. How many times have I walked slowly by an open grave, singing Alseep in Jesus while crumbling a clod of red dirt over the deceased? And TommyI wonder what did happen to Tommy? We broke up my senior year. Mead and Faye Pauline Mead in Abilene, Texas and died April 17, 2006 in Dallas, Texas after a long battle with prostate cancer. In addition to that amount, petitioner paid interest thereon, and also attorneys' fees in the amount of $26,000. image file 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). 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. He Keeps Me Singing. Everyone prayed individually and out loud. Sign into add some. Get free access to the complete judgment in MEAD'S FINE BREAD CO. v. MOORE on CaseMine. 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. Messrs. Lynell G. Skarda, Dee C. Blythe, Clovis, N.M., for petitioner. 3. These corporations purchase their flour and bread wrappers as a unit. Therefore, we conclude that the advances on open account to Angus during petitioner's taxable years 1956 through 1958 represent unreasonable accumulations of surplus. Section 533. 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. The company's filing status is listed as Existence Expired and its File Number is 256123. . Melbourne Storm gun Harry Grant opens up on near-death experience BILL MEAD OBITUARY. Mr. Mead (1919-2006) started after high school as a bread route salesman for the Abilene, Texas bakery owned by his father and uncle. These buildings were constructed by Mead Industries, Inc., according to petitioner's exact specifications. 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. 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. 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. Mead and his four sons. See 348 U.S. 932, 75 S.Ct. Real Good Kitchen is a shared kitchen community that provides food entrepreneurs with the equipment, production space and resources they need . Geographical information about where this photograph originated or about its content. Genuine Honda 38100-SNA-K02 Horn Assembly (Low) - Galleon Philippines Fills my evry longing, Keeps me singing as I go. extended guidance on usage rights, references, copying or embedding. These corporations purchase their flour and bread wrappers as a unit. Mr. Mead served on numerous bank boards, on the White House Restoration Committee during the Carter Administration, was president and board member of the Billy Graham Association Foundation and helped found Christian Men, Inc. Mr. Lane served on a number of bank boards, and those of the Grocery Manufacturers Association, of Texas A&M University and the Dallas Chamber of Commerce. WHEN UPON LIFES BILLOWS you are tempest tossed, When you are discouraged, thinking all is lost . MEAD'S FINE BREAD COMPANY, a Corporation: Docket Number: No. In the forties I rose to Abilene-wide fame as a singer on a radio gospel show. The thing I did not enjoy was the bread. Hope Toole, Muscle Shoals, Alabama. 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). His signature on the check didnt mean that FDRs son had been born again. He controlled the station I sang for. At all times relevant hereto, E. P. Mead, petitioner's president, owned approximately 60 percent of the outstanding stock in petitioner. Sat Mar 04 2023 at 09:00 am Reach Day. The Mead Corporation. Angus was organized by El Paso on August 12, 1953, to engage in raising and breeding an elite show herd of Aberdeen Angus cattle. And what a choir! 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. In 1941, he formed his own bakery, Meads Fine Bread, in Lubbock, Texas, adding three other bakery locations in New Mexico and a frozen dough factory in Abilene. L. L. MOORE, Petitioner, v. MEAD'S FINE BREAD COMPANY, A Corporation In 1949 the El Paso and Albuquerque plants were closed because of strikes. He was a true golden-throat. Whats Up With All the Kangaroos on the Loose in Texas. 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. 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. I thought I had it made as a singing swabbie. K-12 lesson plans, tools, and other help for history teachers. Meads Quartet didnt need all that support system. Immediately prior to petitioner's absorption of the four predecessor corporations, Angus possessed a herd of 100 breeding cows and a one-half interest in a prize stud bull. consistently emphasize the unreasonably low prices and the predatory intent of the defendants." Section 1.537-3(b), Income Tax Regs. The first and only black cheese, creamy and mature and mixed with chilli. to Obituary | Teddy Gene (Pops) VanHoozer | Becker-Rabon Funeral Home Petitioner's stock was then distributed to the stockholders of the predecessor corporations. In 1954 the company was sued by a competitor The Moore Bakery. The director, who had never heard Meads Quartet and didnt approve of radio gospel hymn singing in the first place, sent me. The amount of the receivable was paid by E. P. Mead on October 16, 1958. Mead's Fine Bread Co. No. (https://texashistory.unt.edu/ark:/67531/metapth1165909/: William Ernest Seatree [Dec. 7413], 25 B. T. A. awards, and more. 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. That girl had a better knack for peacemaking than war, and even a hound like Radagon could be coaxed away from his aggressive mantras. 288 (1958). Mead's Fine Bread Co. v. Moore, Court Case No. Bill O. Mead and Connie B. Mead's Fine Bread Company - New Mexico business overview: agent, contacts, address, registration date, reports and more. sub nom. From the foregoing, it is our opinion that Angus did not engage in any business during this period, particularly the business of farming or raising cattle. Our theme song was bouncy: Theres within my heart a melody . [48-2 USTC 9346] 169 F.2d 186 (C. A. collections, new partnerships, information on research, trivia, Creator: Unknown. Mead and his four sons. It believed that the adoption of these two lines would be advantageous because it already possessed a ready-made system which could distribute these additional products without any increase in overhead. N. E. 8th (Amarillo Blvd.) . The announcers wife played the piano, and he sang baritone. But I looked at it as $4.80 an hour. By using this website, you are consenting to the use of cookies. Leave them blank to get signed up. 1 K-12 lesson plans, tools, and other help for history teachers. Angus also owned a farm of approximately 180 acres in Albuquerque which it acquired for approximately $175,000. People and organizations associated with either the creation of this photograph or its content. Do they still sing The Old Rugged Cross? Rennala had packed lightly when she departed from Raya Lucaria. 5, 1963). 141 (1959), affd. 10, 1948), certiorari denied 335 U.S. 911 (1949). And You Thought Feral Hogs Were Bad. 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. We were announced in proper fashion, to a burst of enthusiastic applause, then we launched into the liveliest set we had: We Shall See the King Someday, At the Cross, Give Me That Old-time Religion, Gipsy Smiths Jesus Saves, with, you may be sure, full symphonic accompaniment. 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. L. L. Moore v. Mead's Fine Bread Company, a Corporation "Mead's Fine Enriched Bread" "Good and Fresh". They had a competitor in Santa Rosa, Texas, and Mead's cut the price of their bread from 14 to 7. My first check as a radio gospel singer on KRBC in Abilene was for $6 and was signed by Elliott Roosevelt. Although Meads Quartet never reached the point of commanding a fee for public performances, it was in demand for revivals, special appearances, and funerals. 148, 99 L.Ed. 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. Thus, in our opinion the amounts advanced to Angus during the period in issue constitute investments unrelated to petitioner's business. 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. UNT's history and scholarship, library special collections, plus a Our Findings of Fact contains the various factors which led us to this conclusion. For partners and peer institutions seeking information about 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). About the Producer One of the most highly awarded bakeries in Italy, established in 2005 in Veneto, specialising in an artisan range of sweet and . 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. 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. ELASTY FINE Filler 2 Pack | FREE 2-5 DAY SHIPPING | Remove Lines, Plump Lips, Fill Wrinkles - Works with PDO Threads | by VIVID-SCIENTIFIC - US East Coast, 1.0 . Mead and his four sons. Notes [ edit] The Lunar Inn & Tinys Bottle Shop - Enlightenment Wines Memento Mori 'Flaming' Spicy Black Charcoal Cheddar Cheese by Michael Lees Fine We've created an The proposed tax deficiencies were finally determined to be $149,393.66, per Tax Court decision of November 10, 1959. * Hair Texture Spray for Men - With Sea Salt, Rice Protein 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. 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. 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've been unable to identify the creator(s) of this photograph. . 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. An encased cent in n aluminum loaf of bread. United States Tax Court.https://leagle.com/images/logo.png. Mead's Fine Bread Co. No. large collection of U.S. government documents. He appointed me to reorganize the quartet, took out half a page in the newspaper to announce itand paid us $15 a week. See section 1.535-3(b)(ii), Income Tax Regs. Had professional backup: steel, drums, amped lead and bass, acoustic rhythm, Autoharp, and an absolutely wonderful Baptist Sunday school piano. In part, these time deposits were held as to reserve for the contingent tax liability. Starting out originally as a sole proprietorship and later conducting their business in the form of the four predecessor corporations which petitioner absorbed in 1955, the Meads acquired 21 bakery plants between 1938 and May 1, 1955. However, investment by a corporation of its earnings and profits in stock and securities of another corporation is not, of itself, to be regarded as employment of the earnings and profits in its business. The crowd got quiet. Thus, it is our conclusion that to the extent set out herein petitioner during the period under review was availed of for the purpose mentioned in section 532(a). Sick bucks a week. At any rate, his wife, our accompanist, hated hymns, especially our theme song. Substantially all of the expenses claimed by Angus represented deductions for interest, depreciation, taxes, and insurance. God Be With You Closing theme of Meads Quartet. And that was no legend. MEAD'S FINE BREAD COMPANY in Santa Fe, NM | Company Info & Reviews To learn more about cookies and how ASB uses them please visit our Privacy Policy page. Varieties|Coin Links|About|
This was done so as to prevent a technical violation of a covenant in the Penn Mutual loan agreement. In essence, the pertinent regulations provide that in computing the consolidated accumulated earnings tax for an affiliated group, which is not a mere holding or investment group,13 there shall be deducted from consolidated taxable income a consolidated accumulated earnings credit. I tell you, not a dry eye in the house. This photograph is part of the following collections of related materials. Thus, to the extent petitioner was able to make these advances to Angus, such funds were not required for use in petitioner's business. They have continued to increase since that time. However, the evidence petitioner presented as to the specific amount of these needs is somewhat inconclusive. I dont want to leave the impression that Meads Quartet was irreverent or cynical, or that I was. UTAH PIE CO. v. CONTINENTAL BAKING CO., 386 U.S. 685 (1967) - Findlaw was provided to The Portal to Texas History It tasted a bit old. Mr. Edward W. Napier, Lubbock, Tex., for respondent. to improve everyone's access to primary sources online. He was a one of a kind true hero to all his family and friends. Several other reasons caused petitioner to retain its earnings in this period. In the lower-left corner of map below, select either the pin () or the box (). L. L. MOORE, Petitioner, v. MEAD'S FINE BREAD COMPANY, a Corporation The Meade's Fine Bread commercial became one of the most popular of its time.. We've identified this 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. But Doc remained approachable, the same sweet, tin-eared guy. . University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; The busy boulevard in 1965, six lanes wide with abundant centered street lights. They reported taxable income thereon which put them in tax brackets of 53 percent, 56 percent and 56 percent for these years. As reserve against this contingency, petitioner purchased in 1956 securities consisting of U. S. Government bonds, Series F, at a cost of $17,031.11 and common stock in the First State Bank of Amarillo at a cost of $5,100. In our opinion, petitioner has established that, at least to some extent, it permitted its earnings and profits during this period to accumulate in order to meet the reasonable needs of its business. and Florence VanHoozer in the Bethel community east of Lawton, and was one of four kids. ; Raymond I. Smith, Inc. [Dec. 23,812], 33 T.C. 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). 757, 764-765 (1963), on appeal (C. A. 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. Click on the images below to view .pdf files of the inductees biography and plaque. Mead's Fine Bread Co. v. Moore AppealCourt of Appeals for the Tenth Circuit, Case No. The Sahara Sands Motel (BELOW) became a Holiday Inn about 1963 (ABOVE) Petitioner was unable to borrow from banks on unsecured loans. Argued Nov. 17, 1954. 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. Petitioner's total accounts receivable in 1956 were $487,000 as compared to $730,000 in 1959. In 1957 and 1958 it purchased additional stock in this bank at a cost of $16,000 and $38,930. In fact, the orchestra didnt want to quit. 15 (1947); and World Pub. 20, 1948 (These corporations will hereinafter sometimes be referred to as the predecessor corporations.) An expert in cost controls, he rose through the ranks to be named controller in 1956 and vice-president, treasurer and CFO in 1965. The yeast I used fermented the mead to dry and still had a much higher alcohol tolerance. . per curiam [56-1 USTC 9139] 227 F.2d 779 (C. A. 334. . rirgiuio IA ais zonfokrruw, tale of the roll Lorn, ferttecikettd; t of oka'datwafromtereleisted _pedlttiilupbu berporeenAguotantoneadacloar tall SS coldly and calmly s a mortal etstur-- 4k:bloc( Exalainor,, ; , ; rf "., Jima yettliemtrul.couatica in allemadnelatta rich enoogh to by up tho vloolo State I ken down, poor aristocracy is . 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. 9, 1954); cf. We do not believe that this is a correct interpretation of the applicable regulations. Citations are also linked in the body of the Featured Case. January 2023 Reader Quiz: What Did You Learn? Sign up for our periodic e-mail newsletter, and get news about our I had to hitchhike from the college to downtown because I couldnt afford a dime for the bus. Section 1.1502-31(a)(18)(vi), Income Tax Regs. And dont laugh at the size of the check. Many cheeses have been coated in ash to enhance flavor and add a smoky undertone, but this is the first time that charcoal has been fully incorporated into a cheese. The principal issue remaining for decision is whether petitioner is subject to tax under section 5311 with respect to all or any part of the earnings retained by it in any of the years involved herein. The Portal to Texas History, The Mead company is famous in legal circles for setting a monopoly precedent at the Supreme Court of the United States. ); (2) the amount of petitioner's securities investments during the years in issue (cf. Basic information for referencing this web page. Petitioner's average cash balance for the four weeks ended March 1, 1956, excluding the proceeds of the Penn Mutual loan, was $40,733.86. Mead's Fine Bread Co. v. Moore, 208 F.2d 777, 10th Cir. Mead's Fine Bread Co. v. Moore | Tenth Circuit | 12-11-1953 | www 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. Bill Mack: Shamrock's Midnight Cowboy Marker in Ft. Worth, Mack became the announcer for the great Bob Wills. 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.