69, 80-82 (1958). Creation Date: Unknown. 1055 (1927), affd. All were visually striking. Pursuant to section 537, the term "reasonable needs of the business" includes the reasonably anticipated needs of the business. photograph Angus also owned a farm of approximately 180 acres in Albuquerque which it acquired for approximately $175,000. 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. My moral code today is based as much on my hymn singing as on my churchgoing (Yield not to temptation, For yielding is sin;/Each victry will help you Some other to win). 5, 1963). K-12 lesson plans, tools, and other help for history teachers. 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. 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. Leave them blank to get signed up. Your support aids students of all ages, rural communities, 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. 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. [Mead's Fine Bread Company] Side: 1 of 1 1 photograph : positive, col. ; 35 mm. This was done so as to prevent a technical violation of a covenant in the Penn Mutual loan agreement. I had worked my way up to my own special solo, Only in Thee (Pleasures of earth, so seemingly sweet,/Fail at the last my longings to meet), when World War II broke up Meads Quartet. There was a trend in the baking industry toward more credit and larger receivables. In 1954 the company was sued by a competitor The Moore Bakery. He appointed me to reorganize the quartet, took out half a page in the newspaper to announce itand paid us $15 a week. MEAD'S FINE BREAD COMPANY, a Corporation. 145, where such pricing was held violative of 2(a). He was born February 7, 1932 to N.B. Petitioner in each of the years in issue realized a substantial profit. WHEN UPON LIFES BILLOWS you are tempest tossed, When you are discouraged, thinking all is lost . 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. These corporations maintain plants at Lubbock and Big Spring, Texas, and at Hobbs, Roswell, and Clovis, New Mexico. Mead's Fine Bread Company - New Mexico business overview: agent, contacts, address, registration date, reports and more. Mr. Lane succeeded him as chairman and CEO until his retirement in 1987. Accordingly, the buildings required special wiring and plumbing, oversized loading platforms, and various other unique features. For partners and peer institutions seeking information about N. E. 8th (Amarillo Blvd.) Therefore, before we can determine whether, or to what extent, petitioner allowed its earnings and profits during these years to accumulate beyond its reasonable needs, we must consider several factors mentioned by respondent as indicating that petitioner did unreasonably accumulate its earnings. ., We changed the opening song to the lovely old Dutch hymn We Gather Together, but we loosened up the format, so to speak, and worked in lots of things like Precious Memories as well as marching songs: Marching to Zion, Onward, Christian Soldiers, Are You Washed in the Blood, Revive Us Again. We cut big, fifteen-minute, hill-and-dale ETs (electronic transcriptions) that were shipped to three other radio stations across West Texas. 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. The related events are co-sponsored by the Fine Arts Department, the Theater and Dance Department, and the Women's and Gender Studies Department. Mr. Edward W. Napier, Lubbock, Tex., for respondent. When we wanted to bring em to their knees, we did The Old Rugged Cross. We sang the first verse in close harmony, with just a little piano (On a hill far away stood an old rugged cross). Our guide for the night met us and slipped us in through the back door, seating us on the front row of the choir. He Keeps Me Singing. 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. Can College Sports Get More Absurd Than SMU Joining the Pac-12? When petitioner borrowed $400,000 from two banks in 1955, the Meads personally guaranteed petitioner's notes. Neither Ed V. Mead nor any other officer of Angus or petitioner devoted any of his time to the affairs of Angus. 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. Doc admitted he had a tin ear, but since he paid the freight, his recommendation wrote the ticket. Go to Recipe. 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. When the quartet gave up after Kneel at the Cross, the band played onto the clapping of the crowd. 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. Forrest Wilder writes about politics and the outdoors. 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. During the years in issue petitioner spent a total of approximately $1,400,000 for additions to its existing plants and equipment. Bins extended guidance on usage rights, references, copying or embedding. After I added the thyme, ham and sour cream, my husband declared, "This is it!". Mead's Fine Bread Co. No. Read more The number of companies that we have information about in our database: 442,383+ NewMexicoEnterprise.com M ME MEA UNT Libraries. 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. . But Doc remained approachable, the same sweet, tin-eared guy. Your support aids students of all ages, rural communities, . Section 1.537-3(b), Income Tax Regs. 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. 5, 1936), reversing a Memorandum Opinion of the Board of Tax Appeals [Dec. 8588-C]. His business was wholly intrastate. 7, 1935), affirming [Dec. 8135] 28 B. T. A. It is our opinion that, in the computation of the consolidated accumulated earnings credit under section 1.1502-31(a)(19)(i) of the Income Tax Regulations, only the reasonable needs of the operating companies included in the group may be considered. MEADOWVIEW POOL CO; MEADS STEPHEN OIL CO CO; MEAD-RAYMOND CORPORATION. (Experimental). 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!. Mr. Justice DOUGLAS delivered the opinion of the Court. Petitioner, in the period before us, was faced with contingent liabilities in excess of $385,000 arising because of tax deficiencies asserted against the four corporations absorbed by it, interest thereon, and estimated expenses related thereto, including legal and accounting fees. The Mead Corporation. MEAD'S FINE BREAD COMPANY, a Corporation. 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. Physical Description 1 photograph : positive, col. ; 35 mm. The director, who had never heard Meads Quartet and didnt approve of radio gospel hymn singing in the first place, sent me. Some content on this site may be difficult to view. At any rate, his wife, our accompanist, hated hymns, especially our theme song. This truly unique cheese is made with charcoal from the Featherstone mines in Yorkshire mixed with a wonderfully creamy mature wax coated cheddar. It also believed that since the consumption of refrigerated biscuits directly cut into the bread market, it should expand into the biscuit business to protect its share of the market. In 1959, he merged that business with Campbell Taggart, and a few years later, he became chairman and CEO of the company. 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. Petitioner's management had estimated during the years in issue that trade accounts receivable would increase between 20 and 25 percent per year. 141 (1959), affd. When it started I saw why. Check out our Resources for Educators Site! And TommyI wonder what did happen to Tommy? 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. Order Enlightenment Wines Memento Mori Dandelion Mead 375-ml bottle online from The Lunar Inn & Tinys Bottle Shop. During this same period, Ed V. Mead filed joint returns with his wife, Elizabeth Mead. collections, new partnerships, information on research, trivia, Funerals became an almost weekly ritual. section 1.537-2(c)(4), Income Tax Regs. This photograph's creation, acceptance, or submission date is unknown. We've created an In 1957 and 1958 it purchased additional stock in this bank at a cost of $16,000 and $38,930. January 2023 Reader Quiz: What Did You Learn? . University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; Unique identifying numbers for this photograph in the Portal or other systems. Petitioner is a Delaware corporation with its principal office in Amarillo, Texas. Bill Mack: Shamrock's Midnight Cowboy Marker in Ft. Worth, Mack became the announcer for the great Bob Wills. 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. John Randolph Hopkins [Dec. 17,811], 15 T.C. standards, project requests, and our services. (Howard F. Houk, Santa Fe, N. M., was with him on the brief), for appellant. Angus had acquired these cattle at a cost of $129,734. The yeast I used fermented the mead to dry and still had a much higher alcohol tolerance. He suggested we do it during the prayer. 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. Petitioner, also on September 14, 1961, purchased from E. P. Mead at his cost, $66,326.94, all of the outstanding stock in Bakers Merchandise Company, Inc., Amarillo, Texas.