Are LLC member units received in lieu of cash salary considered taxable income?

I work for a start-up company which has no income whatsoever. Instead of a cash salary, I am paid with member units from the LLC's treasury. I work for the equivalent of $50 per hour which is converted to member units at the current value as payment for my services on behalf of the company. The units have a value based upon how much these units sell for to investors. This LLC is based in Kansas and I am not a resident of this state. I have received member shares with the approximately of $50,000 as salary in 2007. My question is - Is this federal taxable income to me? I have not sold the shares, I hold them. I have not received any cash for my work, only member units in the LLC. Thank you in advance for your istance with this question.