In 1959, he merged that business with Campbell Taggart, and a few years later, he became chairman and CEO of the company. Big Jim directed us, and I wrote the scripts, which consisted of brief spoken introductions to the hymns, things like From the little church just around the corner of your heart comes . 5, 1963). This was done so as to prevent a technical violation of a covenant in the Penn Mutual loan agreement. Reverse of the loaf of bread encased cent. 886, 895 (N. D. Okla. 1947), affd. Drop a pin or drag to create a new rectangle. 148, 99 L.Ed. 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. The Secretary of the Navy died, and the captain ordered a memorial servicewith one days assembly time. When the young peoples class offered special music at the little church we attended (it had no choir), I was always the bass. Moreover, petitioner has failed to prove that the amounts advanced to Angus during such years would not have been available to distribute to its shareholders as dividends. Thereafter, Angus' sole activity, aside from renting the home on its farm to Ed V. Mead and selling off unneeded equipment, was to lease, on a share crop basis, a portion of its land for the cultivation of hay. Sign into add some. Section 535(c). to improve everyone's access to primary sources online. See 348 U.S. 932, 75 S.Ct. These . 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.' 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). 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. WHEN UPON LIFES BILLOWS you are tempest tossed, When you are discouraged, thinking all is lost . 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. Daniel Vaughn is the countrys first barbecue editor, and he has eaten more barbecue than you have. Mead and his four sons. 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. We've been unable to identify the creator(s) of this photograph. 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. Listed below are those cases in which this Featured Case is cited. First of all, the evidence in the record affirmatively shows that Angus was not actively engaged in the business of cattle raising or farming during the years in issue and that, at most, it was a mere investment company. from atop St. Anthony's Hospital about 1960. Petitioner actually converted two of its plants in 1961 and another in 1962, at an aggregate cost of $451,125.32. photograph Doing business as: Mead-Raymond . The sponsor was a bakery; the subject was the Bread of Life. a digital repository hosted by the 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. And You Thought Feral Hogs Were Bad. 4615. 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 was provided by the McMurry University Library Decided Dec. 6, 1954. Here are some suggestions for what to do next. Prior to the fine, Meads Bakery produced bread, rolls and pastry items for small retailers throughout Luton and surrounding counties. Get free access to the complete judgment in MEAD'S FINE BREAD CO. v. MOORE on CaseMine. Chip Gaines Bought Larry McMurtrys Historic Texas Bookstore. Sign up for our periodic e-mail newsletter, and get news about our 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. This is an appeal from a verdict and judgment in favor of the plaintiff-appellee in an action for treble damages under the Robinson-Patman Amendment to the Clayton Act, 15 U.S.C.A. UNT's history and scholarship, library special collections, plus a 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. Angus also owned a farm of approximately 180 acres in Albuquerque which it acquired for approximately $175,000. The bakery business has been subject to dramatic innovations. Service is great. 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. 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. 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. Before we went on the air he would hold his nose and mutter things like How now, brown cow in order to get his voice tone down. In fact, as September 1940 approached I faced zero possibilities of advanced schooling. Petitioner's stock was then distributed to the stockholders of the predecessor corporations. The Supreme Court ruled that this was monopolistic behavior and that as an interstate and intrastate company is was illegal to cut the prices in one town without cutting their prices in all their locations. United States Tax Court.https://leagle.com/images/logo.png. 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. Messrs. Lynell G. Skarda, Dee C. Blythe, Clovis, N.M., for petitioner. When the quartet gave up after Kneel at the Cross, the band played onto the clapping of the crowd. The cattle raising operation took place on an 1800 acre ranch owned by Angus in Albuquerque, New Mexico. 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. In fact, the orchestra didnt want to quit. We also provide Abilene Library Consortium 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. Reverse is blank only showing the reverse of the coin. about this topic here. Between May 1, 1955, and April 30, 1956, it added some 41 new delivery routes to service Oklahoma City, Ada, and Tulsa, Oklahoma. Similarly, Ed V. Mead, petitioner's vice-president and the son of E. P. Mead, owned approximately 31 percent of petitioner's outstanding stock. 69, 80-82 (1958). 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). 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. Shortly after the May 1, 1955, reorganization, petitioner decided that Angus' cattle raising activities constituted too much of a drain on its working capital and that such activities should be terminated immediately and the cattle disposed of as soon as possible. They only cut the price in Santa Rosa, but not in other Texas or New Mexico locations. 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 director, who had never heard Meads Quartet and didnt approve of radio gospel hymn singing in the first place, sent me. section 1.537-2 (c)(3), Income Tax Regs. 145 L. L. MOORE, Petitioner, v. MEAD'S FINE BREAD COMPANY, a Corporation. These corporations maintain plants at Lubbock and Big Spring, Texas, and at Hobbs, Roswell, and Clovis, New Mexico. 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. Respondent sells bread in Farwell, Texas, a town which it serves with a bread truck operating out of Clovis, New Mexico. endowment Petitioner had in its possession standard architectural plans which it expected to use in erecting these bakeries. Notes [ edit] The cattle were sold at auction in October 1955. Fred joined the Air Force (and died in the service), and Norman, our second tenor, became an airman too. In 1958, when the machinery became available in the areas in which petitioner operated, it began to conduct active negotiations with Baker Process Company and American Machine & Foundry Company, two companies which manufactured and installed continuous mix equipment. 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. Some content on this site may be difficult to view. (https://texashistory.unt.edu/ark:/67531/metapth1165909/: More information about this photograph can be viewed below. TIN: 15910281227. Thus, petitioner was, in effect, prevented by the terms of the Penn Mutual loan from expanding by means of debt financing. Moore v. Mead's Fine Bread Co., 348 U.S. 115 (1955) - Free download as (.court), PDF File (.pdf), Text File (.txt) or read online for free. On September 14, 1961, petitioner also purchased all of Mead's Frozen Foods, Inc., for $97,727. His signature on the check didnt mean that FDRs son had been born again. He controlled the station I sang for. Rehearing Denied Jan. 31, 1955. Section 533. We've created an MEAD'S FINE BREAD CO on CaseMine. they all market their bread under the name "Mead's Fine Bread" and promote the product through a common advertising program.