and at Hobbs, Roswell, and Clovis, New Mexico. People and organizations associated with either the creation of this photograph or its content. 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? The encasement is approximately 2 inches wide by 1 at its tallest point. Although the terms of the Penn Mutual loan were somewhat less stringent than those of the bank loans, nevertheless, petitioner found them confining. I thought I had it made as a singing swabbie. per curiam [1929 CCH D-9307] 34 F.2d 1022 (C. A. Check out our Resources for Educators Site! William Ernest Seatree [Dec. 7413], 25 B. T. A. Patricia Sharpe writes a regular restaurant column, Pats Pick, for Texas Monthly. crediting McMurry University Library. 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. (Experimental). Had professional backup: steel, drums, amped lead and bass, acoustic rhythm, Autoharp, and an absolutely wonderful Baptist Sunday school piano. 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. 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. Experience the joy of artisan baking using first-rate ingredients from this award-winning Venetian bakery. Petitioner contends that for purposes of computing this credit it is permitted to consider the needs of Angus, even though Angus may not have been actually engaged in any business, in determining the reasonable needs of the business of the group. Section 1.1502-31(a)(19)(i), Income Tax Regs. A few weeks later I joined the Navy. We are servants of God, Bringing in the Sheaves, Well Work Till Jesus Comes, Far and near the fields are teeming, with the waves of ripened grain, Take your lives in your hand, to the work while tis the daySpeed Away!. Co. v. United States [47-1 USTC 9280], 72 F.Supp. 148 99 L.Ed. These . It never failed. 4615_1 in the Court of Appeals for the Tenth Circuit. (Howard F. Houk, Santa Fe, N. M., was with him on the brief), for appellant. No. Although Meads Quartet never reached the point of commanding a fee for public performances, it was in demand for revivals, special appearances, and funerals. February 2023 Reader Quiz: What Did You Learn? But it wasnt the same. Food is delicious. Feb 2018 - Present5 years 1 month. They were the first to apply computer analysis to cost controls, bakery efficiency and organizational structure. Lakewood, CO. 972. (https://texashistory.unt.edu/ark:/67531/metapth1165909/: Decided Dec. 6, 1954. 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. At any rate, his wife, our accompanist, hated hymns, especially our theme song. Between the time the Oklahoma City plant was acquired and April 30, 1958, petitioner, in fact, lost $423,644.89 in connection with its operation. [Mead's Fine Bread Company], 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. A car was out of the question. 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. Reserved Copyright Bruce Perdue. These controls are experimental and have not yet been optimized for user experience. Creation Information Creator: Unknown. 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. As we arived, we could hear the service going on two blocks from the church house. as well as independent and professional researchers. However, it may not do so if the subsidiary is a personal holding company, an investment company, or a corporation not engaged in the active conduct of a trade or business. Mr. Edward W. Napier, Lubbock, Tex., for respondent. The major portion of this amount consisted of $281,000 representing proceeds from the Penn Mutual loan. 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. sold the company to Fehrmead Food Corp., a Dallas-based holding company. Thus, it was forced to borrow funds to obtain the requisite working capital. 1055 (1927), affd. 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. The design of the encasement is such that the piece looks like a loaf of bread in three dimensions, while only being a two-dimensional object. Mr. Justice DOUGLAS delivered the opinion of the Court. Angus sustained substantial net operating losses from the year petitioner acquired it until it was disposed of in 1960. . The announcers wife played the piano, and he sang baritone. 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. To my left was a French horn, behind me was a street drum, and on Normans right were two saxophones, one a soprano. The Melbourne Storm gun has stamped himself as one of the best players in the NRL. In 1954 the company was sued by a competitor The Moore Bakery. I promised I had developed enough during the summer so that I could handle bass leads on Seeking the Lost and Lead Me Gently Home, and I could. The company's filing status is listed as Withdrawal and its File Number is 268904. Between May 1, 1955, and April 30, 1956, it added some 41 new delivery routes to service Oklahoma City, Ada, and Tulsa, Oklahoma. In 1955, petitioner had 1,037 employees. Reverse of the loaf of bread encased cent. Mr. Edward W. Napier, Lubbock, Tex., for respondent. 5, 1936), reversing a Memorandum Opinion of the Board of Tax Appeals [Dec. 8588-C]. 1249 (1927), affd. Filed: 1954-01-16 Precedential Status: Precedential Citations: 208 F.2d 777 Docket: 4615_1 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. Click on the case name to see the full text of the citing case. Commissioner v. Ehrhart [36-1 USTC 9142], 82 F.2d 338 (C. A. We were too good. This amount would have been insufficient to enable petitioner to conduct its operations for one day. He was a true golden-throat. photograph, 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. Mead's Fine Bread operated in Texas and New Mexico. Mead's Fine Bread Co., 348 U.S. 115, 75 S.Ct. Mead Service Co., 10 Cir., 184 F.2d 338, on appeal from a judgment of the trial court dismissing the action, . Date Unknown; 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 . During the calendar years 1956 through 1958, E. P. Mead filed joint Federal income tax returns with his wife, Jessie Mead, and reported taxable income thereon which put them in the tax bracket of 20 percent, 62 percent and 53 percent, respectively. The cattle were sold at auction in October 1955. Theres within my heart a melody; Jesus whispers sweet and low . As of May 1, 1955, the equipment in many of petitioner's plants was obsolete, worn out, and in need of replacement. Context We ordered the grilled artichokes, the lamb tart, the pozole negro, and the ricotta cavatelli. Here are some suggestions for what to do next. By April 30, 1957, these increased to $250,000 and to $421,000 as of April 30, 1958. It has some wear as to be expected, some paint loss in spots on the bottom cross plate, which only adds to the character! Harold D. Rogers, for the respondent. The related events are co-sponsored by the Fine Arts Department, the Theater and Dance Department, and the Women's and Gender Studies Department. accessed March 4, 2023), Fourteen of these plants were acquired between 1946 and May 1, 1955. Anderson's Business Law and the Legal Environment, Comprehensive Volume (23rd Edition) Moore ran a bakery in Santa Rosa, New Mexico. When petitioner borrowed $400,000 from two banks in 1955, the Meads personally guaranteed petitioner's notes. accessed March 4, 2023), MEAD'S FINE BREAD CO. v. MOORE. Meads Fine Bread Co., his competitor, engaged in an interstate business. Check out our Resources for Educators Site! Meads cut the price of bread in half in per curiam [56-1 USTC 9139] 227 F.2d 779 (C. A. Ed V. Mead repaid the amount loaned to him by petitioner during its fiscal year ended April 30, 1958. Bins Mead's Fine Bread Co. v. Moore, 208 F.2d 777, 10th Cir. As a direct result of these negotiations, petitioner did, in fact, purchase 4 of these plants, as follows: In addition to its plans for purchasing additional bakery plants during the years herein involved, petitioner also had specific plans for constructing new plants in Tucson, Arizona, and Ada, Oklahoma. large collection of U.S. government documents. 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. During the years in issue, the course pursued by petitioner with regard to expansion remained the same. Nor can it be bound by stipulations of fact which appear contrary to the facts as disclosed by the record. Decided Dec. 6, 1954. ; Raymond I. Smith, Inc. [Dec. 23,812], 33 T.C. 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. collections, new partnerships, information on research, trivia, Tell us if you know the precise location of this item. Mead and his four sons. All Rights Reserved, National Bakery Associations and Resources, Baker Equipment Manufacturers and Allieds. From that time to date, their activities in this business reflect sustained growth, expansion and diversification. University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; Rehearing Denied Jan. 31, 1955. 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. The consolidated accumulated earnings credit is. The estimated average cost of purchasing and installing the necessary equipment was $150,000 per plant. For the Tucson plant, it had estimated construction cost of $100,000 and costs for equipping the plant of $250,000. section 1.537-2 (c)(3), Income Tax Regs. Mr. Lane (1924-2000), an Army veteran and graduate of Texas A&M University, joined the Campbell Taggart accounting department in 1947. The director of Meads Quartet was a big blond guy named Fred, who worked in a downtown office. UNT Libraries. (https://caselaw.findlaw.com/us-supreme-court/348/115.html - United States Supreme Court, MOORE v. MEAD'S FINE BREAD CO.(1954)), Home|Articles| 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). After he left our station he became famous for making one of the classic radio bloopers of all time. Its average cash balance for the four weeks ended March 1, 1956, excluding the Penn Mutual loan from proceeds, was $40,733.86. Trash Compactor Parts & Accessories. 334. 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. 160, 169-170 (1950); Reginald C. Vanderbilt [Dec. 2059], 5 B. T. A. Can College Sports Get More Absurd Than SMU Joining the Pac-12? 121: Decision Date: 06 December 1954: 348 U.S. 115 75 S.Ct. The Penn Mutual loan contained restrictions against petitioner's incurring any indebtedness other than (1) the Penn Mutual loan, (2) indebtedness incurred in connection with the purchase of equipment, but not to exceed an aggregate of $150,000 at any time outstanding, and (3) unsecured bank loans maturing within 12 months and not exceeding $400,000. Calvary . Every hymn was handled like a symphonyand I dont mean to imply that the horn, drum, and saxes were the only instruments; I didnt dare turn and stare, but I know I heard a banjo, strings, at least two cornets (because they tried to harmonize), something mysterious that a GI had brought back from Japan, and a set of snares rigged for marching.

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