His signature on the check didnt mean that FDRs son had been born again. He controlled the station I sang for. Unique identifying numbers for this photograph in the Portal or other systems. February 2023 Reader Quiz: What Did You Learn? 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.' Neither petitioner nor any of the predecessor corporations paid a taxable dividend throughout their respective existences. University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; Angus had the following gross receipts from the sale of hay: Neither Ed nor any other officer of Angus or petitioner devoted any of his time to the affairs of Angus. Argued Nov. 17, 1954. Funerals always brought out the worst in us. 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. Petitioner did not submit a statement of grounds, as permitted under section 534(c). We ordered the grilled artichokes, the lamb tart, the pozole negro, and the ricotta cavatelli. section 1.537-2 (c)(3), Income Tax Regs. Count your blessings! 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 Although the basic equipment for this process did not become available in the areas in which petitioner's plants were located until some time in 1958, petitioner had, by 1956, made definite plans to begin converting its ten largest bakery plants to the continuous mix process at such time as the equipment could be obtained. 4615_1 No tags have been applied so far. as well as independent and professional researchers. to improve everyone's access to primary sources online. 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. Mead's Fine Bread Co. No. The busy boulevard in 1965, six lanes wide with abundant centered street lights. AnyLaw is the FREE and Friendly legal research service that gives you unlimited access to massive amounts of valuable legal data. Historic newspapers digitized from across the Red River. 121. Log In. But Doc remained approachable, the same sweet, tin-eared guy. We've created an standards, project requests, and our services. 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've created an It appears to have been made to use with a key chain as it has a hole at one end. They reported taxable income thereon which put them in tax brackets of 53 percent, 56 percent and 56 percent for these years. [4 USTC 1299] 72 F.2d 67 (C. A. D. C. 1934); cf. We do not believe that this is a correct interpretation of the applicable regulations. Calvary . Thus, to the extent petitioner was able to make these advances to Angus, such funds were not required for use in petitioner's business. 529 (1933), reversed on another issue [36-1 USTC 9019] 296 U.S. 374 (1935); McClintock-Trunkey Co. [Dec. 19,316], 19 T.C. 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. Mead's fine bread company is a New Mexico Foreign Profit Corporation filed On November 21, 1949. These loans proved unduly restrictive. The Meade's Fine Bread commercial became one of the most popular of its time.. At the time petitioner acquired the stock of Angus in connection with the May, 1, 1955, reorganization, petitioner's management decided to discontinue Angus' cattle raising activities because they constituted too great a drain on petitioner's working capital. 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. Doing business as: Mead-Raymond . It never failed. 2d 145, 1954 U.S. LEXIS 2742 Brought to you by Free Law Project, a non-profit dedicated to creating high quality open legal information. 334. William Ernest Seatree [Dec. 7413], 25 B. T. A. Without that $6 each week I couldnt have gone to college. Members (2): Duane D Mead / Director, President, Treasurer Box 130967, Tyler, TX 75713 Mary A Mead / Director, Secretary, Director Box 130967, Tyler, TX 75713. 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. The cattle raising operation took place on an 1800 acre ranch owned by Angus in Albuquerque, New Mexico. 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. 121. 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. The estimated average cost of purchasing and installing the necessary equipment was $150,000 per plant. Petitioner's average four week cash balances for the fiscal year ended April 30, 1956, was $360,283.37. Fills my evry longing, Keeps me singing as I go. Although petitioner experienced no strike or other such work stoppage in any of its plants between 1950 and 1959, losses due to such disputes were a reasonable factor for petitioner's management to consider. Mr. Edward W. Napier, Lubbock, Tex., for respondent. It boosts volume, adds texture, and promotes growth. There was a trend in the baking industry toward more credit and larger receivables. Decision Date: 16 January 1954: 208 F.2d 777 (1953) MEAD'S FINE BREAD CO. v. MOORE. 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. MEAD'S FINE BREAD COMPANY, a Corporation. The common round shape is well known in several diameters. Leave them blank to get signed up. The Portal to Texas History, For partners and peer institutions seeking information about Meads cut the price of bread in half in . (https://caselaw.findlaw.com/us-supreme-court/348/115.html - United States Supreme Court, MOORE v. MEAD'S FINE BREAD CO.(1954)), Home|Articles| See Ohio Clover Leaf Dairy Co. [Dec. 3034], 8 B. T. A. 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? 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. (3) Loans to another corporation, the business of which is not that of the taxpayer corporation, if the capital stock of such other corporation is owned, directly or indirectly, by the shareholder or shareholders of the taxpayer corporation and such shareholder or shareholders are in control of both corporations. Petitioner's stock was then distributed to the stockholders of the predecessor corporations. In addition to that amount, petitioner paid interest thereon, and also attorneys' fees in the amount of $26,000. In 1949 the El Paso and Albuquerque plants were closed because of strikes. 5, 1936), reversing a Memorandum Opinion of the Board of Tax Appeals [Dec. 8588-C]. Petitioner was unable to borrow from banks on unsecured loans. 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. 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. He appointed me to reorganize the quartet, took out half a page in the newspaper to announce itand paid us $15 a week. Reserved Copyright Bruce Perdue. 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. --- Decided: Dec 6, 1954 See 348 U.S. 932, 75 S.Ct. Creation Date: Unknown. Mead's Fine Bread Co., 348 U.S. 115, 75 S.Ct. And that was no legend. We sang the Navy hymn while the chaplain intoned Crossing the Bar, and it was so successful that station WCAU recorded it and played it several times that evening. Harry Grant suffered a near-death experience when he was a 12-year-old, he revealed. from atop St. Anthony's Hospital about 1960. During the Mead-Lane era, the company grew to more than 60 U.S. operating plants, seven bakeries in Spain and related businesses in Puerto Rico, France and Brazil. MEAD'S FINE BREAD COMPANY is a New Mexico Foreign Profit Corporation filed on November 21, 1949. And what will be remembered of the high-flying anthems and hundred-voice-choir pieces of today? ); (2) the amount of petitioner's securities investments during the years in issue (cf. This amount would have been insufficient to enable petitioner to conduct its operations for one day. During this same period, Ed V. Mead filed joint returns with his wife, Elizabeth Mead. Petitioner filed its returns with Angus on a consolidated basis. To my left was a French horn, behind me was a street drum, and on Normans right were two saxophones, one a soprano. 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. They sold bread throughout the Southwest. 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. One of the most significant innovations in the baking industry in recent years has been the development of the continuous mix method of making bread. Sick bucks a week. to 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 . was provided to The Portal to Texas History 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.
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