SMLLC and depreciation basis of self-constructed assets

[FarmerBob]

I have a SMLLC farm in Eastern Kentucky that will need a fair amount of land clearing, land improvements, and small barns. I have my own sawmill and bulldozer so am planning on doing the labor myself. I do have work and college experience in accounting, but it's been quite a few years. Taxes were never my favorite subject anyway... My primary question is this: Is there any way I can value and include my time as part of the basis of each project to be depreciated in a SMLLC?

I am filing as a disregarded entity right now. So far, the answer I've come up with are that I should look at filing as an S-Corp, which I do not want to do for 2021. I've read multimember LLC's and partnerships letting members earn equity by labor. Is anything like that doable as a SMLLC? I understand there would be other tax consequences.

Since this is a tax questions, I'd appreciate it if you can tell me which IRS publication or other source you're recommendations are based on so I can look it over for myself.

Thanks for your time.

-FarmerBob

[ColeenD3]

Unfortunately, no. The IRS is riddled with references about not including your own labor as an expense. 

If you built all or part of your house yourself, its basis is the total amount it cost you to complete it. Sale of Your House

Don’t include in the cost of the house:

• The value of your own labor, or

• The value of any other labor for which you didn’t pay

37 Cost of labor. Do not include any amounts paid to yourself.  Small Business

Do not include the value of your own labor, or any other labor you did not pay for, in the basis of any property you construct.

Farmer's Tax Guide

You cannot deduct the cost of your own labor. Pub 535 Page 6