Many of the Church's for-profit bodies originated in the early days of Deseret, when the Church effectively was the government and people contributed their time and labor to creating in the wilderness an infrastructure for society and commerce. The fact, for instance, that early settlers helped to construct an irrigation system and company, which later may have gone bankrupt or may have been sold or may have been merged into a larger Church-owned real estate organization, does not mean that those assets are equivalent to tithing.

And even if it were true, it's a weak argument. You don't have standing, in a sense, to concern yourself with what an organization did a century ago with money donated to it by someone whose intentions you cannot know. It's like complaining when a museum uses endowment money to promote an event because that endowment originated with some money which might, a century ago, have been mingled with a different endowment--a different endowment that, today, is used solely for acquisitions and not promotions, even though a century ago it may have been used for both. It sounds like a nifty "gotcha," but it's a useless argument.