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33. LO.3, 9, 14 Sam and Drew are equal partners in SD LLC formed on June 1 of the cur- rent year. Sam contributed land that he inherited from his uncle in 2008. Sam's uncle purchased the land in 1983 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