Wells-Gardner & Co. v. Helvering

Petitioner, Wells-Gardner & Co., is an Illinois corporation organized in 1925. It is engaged in the business of manufacturing and selling radio receivers and accessories. On and after May 1, 1929, its entire capital stock was owned by the Gulbransen Company, also an Illinois corporation. Gulbransen is engaged in the manufacture and sale of pianos and player pianos. Gulbransen kept its books upon the calendar year basis, Wells-Gardner upon .the fiscal year basis, ending June 30. On September 10, 1929, Wells-Gardner filed its separate income tax return for the fiscal year ended June 30, 1929,…