Belinda was involved in a boating accident in 2021. Her speedboat, which was used only for personal use and had a fair market value of $39,600 and an adjusted basis of $19,800, was completely destroyed. She received $13,860 from her insurance company. Her AGI for 2021 is $49,500. Belinda's tentative casualty loss before any limitations (i.e. $100 floor and AGI) is $ 910 X. Is her loss currently deductible? Only to the extent the loss can offset other personal casualty gains. Timothy Gates and Prada Singh decide to form a new company, TGPS LLC (a multimember LLC that will report its operations as a partnership). Timothy is married, and Prada is single. Each contributes $400,000 of capital to begin the business, and both materially participate in the business. In 2021, TGPS reports a net loss of $580,000. What are the implications of this loss for Timothy and Prada? If an amount is zero, enter "O". Timothy has an excess business loss of $ 0 . He may use $ 290,000 of his share of the $580,000 LLC business loss to offset nonbusiness income Prada has an excess business loss of $ 259,000 X of her share of the $580,000 LLC business 31,000 X . She may use $ loss to offset nonbusiness income Any excess business loss is treated as part of the taxpayer's NOL carryforward