Steve's tax basis in his SAW Partnership interest is $$200,000$ including all adjustments at the beginning of the tax year. His allocable share of partnership items is: $($$$120,000)$ of ordinary loss, $$6,000$ tax$-$exempt interest income, and a $$14,000$ long$-$term capital gain. In addition, during the year, the LLC distributed $$20,000$ of cash to Steve. Also during the year, Steve's share of partnership debt increased by $$10,000.$ Steve's ending basis in his LLC interest is $$80,000.$

True

False