J.P. Gaines contributes $500,000 of cash in exchange for a 40% interest in the calendar year Boligee LLC, which is taxed as a partnership. This year, the LLC generates $300,000 of ordinary taxable income and has no separately stated income or expenses. J.P. Gaines withdrew $100,000 from the partnership during the year for his living expenses. On how much of the $100,000 distribution/withdrawal will J.P. Gaines be taxed? Calculate his ending basis.