Bulletin HASKINS & SELLS 35
Family Property and Earnings
BEFORE the days of modern corporations,
the Smith family owned and
worked a certain farm. As the sons advanced
in years Smith Senior bought contiguous
farms and the sons individually
assumed the responsibility for operating
various units, but the property remained
in one group and the earnings were pooled.
The Jones family nearby, but with property
extending in a different direction, developed
the farming industry in a manner
similar to that of the Smiths.
Later a certain valuable farm became
available and was purchased jointly by the