Continue with the facts presented in Problem 33.

In problem 

Sam and Drew are equal partners in SD LLC formed on June 1 of the current year. Sam contributed land that he inherited from his uncle in 2007. Sam's uncle purchased the land in 1982 for $30,000. The land was worth $100,000 when Sam's uncle died. The fair market value of the land was $200,000 at the date it was contributed to the partnership. Drew has significant experience developing real estate. After the LLC is formed, he will prepare a plan for developing the property and secure zoning approvals for the LLC. Drew would normally bill a third party $50,000 for these efforts. Drew will also contribute $150,000 cash in exchange for his 50% interest in the LLC. The value of his 50% interest is $200,000.

a. Construct a balance sheet for SD LLC assuming that Drew's services are completed immediately after forming SD. The balance sheet should reflect the LLC's basis in assets and the fair market value of these assets.

b. Outline any planning opportunities that may minimize current taxation to any of the parties.