Prior to the fine, Meads Bakery produced bread, rolls and pastry items for small retailers throughout Luton and surrounding counties. Patrons have access to their extensive collections, which include more than one million items through the library and the Abilene Library Consortium. Abilene Library Consortium and 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. 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. Thus, it was forced to borrow funds to obtain the requisite working capital. They had a competitor in Santa Rosa, Texas, and Mead's cut the price of their bread from 14 to 7¢. We relished these performances, since Meads bakery paid us for such off-air advertising. --- Decided: Dec 6, 1954 See 348 U.S. 932, 75 S.Ct. 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. ); and (3) petitioner's advances on open account to its two principal shareholders, E. P. Mead and Ed V. Mead (cf. AnyLaw is the FREE and Friendly legal research service that gives you unlimited access to massive amounts of valuable legal data. These corporations purchase their flour and bread wrappers as a unit. In connection with its acquistion on May 1, 1955, of the four predecessor corporations, petitioner acquired the Angus stock, which had previously been owned by one of the predecessor corporations (hereinafter referred to as El Paso). MEAD'S FINE BREAD CO on CaseMine. These loans proved unduly restrictive. 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. MEADOWVIEW POOL CO; MEADS STEPHEN OIL CO CO; MEAD-RAYMOND CORPORATION. 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. University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; 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. 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. Thus, in our opinion the amounts advanced to Angus during the period in issue constitute investments unrelated to petitioner's business. Although we were careful to avoid any denominational taint in our music, some of the revivals at which we sang tested our religious backgrounds. Nor can it be bound by stipulations of fact which appear contrary to the facts as disclosed by the record. 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. 9, 1954); cf. 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. Get free access to the complete judgment in MOORE v. MEAD'S FINE BREAD CO on CaseMine. 5, 1963). No. 160, 169-170 (1950); Reginald C. Vanderbilt [Dec. 2059], 5 B. T. A. Some of the facts have been stipulated, and the stipulations of facts, together with the exhibits attached thereto, are incorporated herein by this reference. Follow the links below to find similar items on the Portal. Click on the case name to see the full text of the citing case. They encouraged their associates to participate as speakers and officers of the American Society of Baking. Recent filings for MEAD'S FINE BREAD COMPANY 14 Jun 1960 This company has not listed any contacts yet. Featured Shops . Unique identifying numbers for this photograph in the Portal or other systems. 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. (https://texashistory.unt.edu/ark:/67531/metapth1165909/: Mead's Fine Bread Company - New Mexico business overview: agent, contacts, address, registration date, reports and more. We've identified this From this it derived minimal receipts. Petitioner's management estimated as a rule of thumb that in the acquisition of new plants it would incur losses approximately equal to acquisition cost before being able to place the new plants on a profitable basis. Donald L. Wilson and Kenneth G. Tarlton, for the petitioner. Doc was a lay preacher, and he often took us with him when he addressed a church in some town like Nugent or Lueders. Get free access to the complete judgment in MEAD'S FINE BREAD CO. v. MOORE on CaseMine. 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. He was a one of a kind true hero to all his family and friends. . The announcers wife played the piano, and he sang baritone. The Portal to Texas History, crediting McMurry University Library. to improve everyone's access to primary sources online. bread from mead dregs I've done this several times. Lakewood, CO. 972. 1922); Henry P. White [Dec. 20,611], 23 T.C. photograph, Lalvin EC-1118. When the war was over I returned to college and, despite the GI bill, the need for extra income arose. Reverse of the loaf of bread encased cent. The number of companies that we have information about in our database: 442,383+ NewMexicoEnterprise.com M ME MEA Terms of Use, Site Copyright 1999-2021 by Bruce Perdue Email: WebmasterAll Rights They had a competitor in Santa Rosa, Texas, and Mead's cut the price of their bread from 14 to 7. The major portion of this amount consisted of $281,000 representing proceeds from the Penn Mutual loan. No. This photograph's creation, acceptance, or submission date is unknown. Cf. Petitioner was engaged in a purely intrastate bakery business. N. E. 8th (Amarillo Blvd.) and Context I put together the group: Norman was back; also Jimmy, the first tenor; Big Jim, another radio golden-throat, was our baritone; and I was the bass. and at Hobbs, Roswell, and Clovis, New Mexico. (Experimental). Mead's Fine Bread Company filed as a Domestic For-Profit Corporation in the State of Texas and is no longer active. section 1.537-2(c)(1), Income Tax Regs.) When it started I saw why. On September 14, 1961, petitioner also purchased all of Mead's Frozen Foods, Inc., for $97,727. Meads cut the price of bread in half in 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. endowment crediting McMurry University Library. If your yeast has reached its alcohol tolerance this probably wouldn't work. . 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. 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. The last day she played, as we finished the program she slammed down a violent chord and screamed, There, you goddamn bunch of musical maniacs, and the mike was still open. Helpful links in machine-readable formats. At any rate, his wife, our accompanist, hated hymns, especially our theme song. These corporations purchase their flour and bread wrappers as a unit. All were visually striking. Both he and I had deserted the little church where I starred as boy bass, and I wasnt sure of my reception by this important figure, whose bread empire now spread over West Texas, the Panhandle, eastern New Mexico, and western Oklahoma. 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. as a primary source within our collections. 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. Date Unknown; Commissioner v. Cummings [35-2 USTC 9383], 77 F.2d 670 (C. A. Between May 1, 1955, and April 30, 1956, it added some 41 new delivery routes to service Oklahoma City, Ada, and Tulsa, Oklahoma. 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. MEAD, BILL O. 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. Mr. Justice DOUGLAS delivered the opinion of the Court. Petitioner's total accounts receivable in 1956 were $487,000 as compared to $730,000 in 1959. Another reason was to create a reserve against losses that might be incurred in connection with possible labor disputes. This amount would have been insufficient to enable petitioner to conduct its operations for one day. We also provide Mead's Fine Bread Company Argued: Nov. 17, 1954. Angus sustained substantial net operating losses from the year petitioner acquired it until it was disposed of in 1960. ; Raymond I. Smith, Inc. [Dec. 23,812], 33 T.C. To the work! Between the years 1955 and 1960, Angus sustained the following losses: During each of the years in issue, petitioner advanced substantial amounts on open account to Angus. 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. and Florence VanHoozer in the Bethel community east of Lawton, and was one of four kids. He claims that the bartender . Mr. Lane (1924-2000), an Army veteran and graduate of Texas A&M University, joined the Campbell Taggart accounting department in 1947. It had also estimated construction costs of $100,000 for the Ada plant and an additional $150,000 for equipment. as well as independent and professional researchers. It appears to have been made to use with a key chain as it has a hole at one end. Harold D. Rogers, for the respondent. was provided to The Portal to Texas History Cf. God Be With You Closing theme of Meads Quartet. The cattle were sold at auction in October 1955. MEAD'S FINE BREAD COMPANY, a Corporation. Mr. Mead (1919-2006) started after high school as a bread route salesman for the Abilene, Texas bakery owned by his father and uncle. Rich in sea salt and amino acids, our formula instantly lifts limp hair from the roots, while Fo-Ti and hydrolyzed rice protein improve hair growth and density in the long term. Petitioner filed its returns with Angus on a consolidated basis. Calvary . The boycott gave Moore a complete monopoly of the bread business in Santa Rosa. They sold bread throughout the Southwest. Section 1.1502-31(a)(19)(i), Income Tax Regs. 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. Some content on this site may be difficult to view. Doc Mead owned Meads Fine Bread bakery, and Meads Quartet sang on KRBC for fifteen minutes at noon on weekdays. 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. 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. Because of the large growth of population in the cities in which petitioner's principal bakeries were located, new routes had to be continuously developed to meet competition. 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. On September 12, 1955, petitioner borrowed a total of $400,000 from two banks. Motor Fuel Carriers, Inc. v. United States [63-2 USTC 9697], 322 F.2d 576 (C. A. 121. View a full description of this photograph. In order to obtain these loans, it was required (1) to give a chattel mortgage on all of its trucks and baking equipment, and (2) to agree that it would not acquire or construct any additional bakeries or related buildings or facilities without prior permission from the banks. Creator: Unknown. [4 USTC 1299] 72 F.2d 67 (C. A. D. C. 1934); cf. Respondent points to the fact that as of May 1, 1955, the date of the tax-free reorganization in which petitioner acquired the assets of the four predecessor corporations, petitioner had accumulated earnings totaling $2,058.20.8 However, the mere size of the previously accumulated earnings and profits is not indicative that they are sufficient to cover the future needs of the business. In 1941, he formed his own bakery, Mead's Fine Bread, in Lubbock, Texas, adding three other bakery locations in New Mexico and a frozen dough factory in Abilene. This corporate entity was filed approximately seventy-four years ago on Tuesday, November 8, 1949 , according to public records filed with Texas Secretary of State. See Ohio Clover Leaf Dairy Co. [Dec. 3034], 8 B. T. A. It also distributes school and office supplies made by Mead and other companies and has . The Secretary of the Navy died, and the captain ordered a memorial servicewith one days assembly time. It maintains its books and records and files its Federal income tax returns on the basis of a fiscal year ended April 30. 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.' We broke up my senior year. Your support aids students of all ages, rural communities, 297, 304 (1952), reversed on another issue [55-1 USTC 9110] 217 F.2d 329 (C. A. And what will be remembered of the high-flying anthems and hundred-voice-choir pieces of today? 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. They foresaw the promise of whole grain breads, ultimately renaming the company after the brand of its market-leading products, Earth Grains. Their families describe them as proud Texans and leaders in their home and church communities. 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 of April 30, 1956, these amounted to $150,000. No. MEAD'S FINE BREAD CO. v. MOORE. 121 Argued November 17, 1954 Decided December 6, 1954 348 U.S. 115 Syllabus Petitioner sued respondent for treble damages for violations of 2 of the Clayton Act and 3 of the Robinson-Patman Act. 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. 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.
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