During the current year, Nick, who is married, reports the following income/loss from his business activities: View the income/loss amounts.LOADING... Requirement What is the amount of Nick's excess business loss? How is the excess business loss treated? Gross income from sole proprietorship $7,900,000 Gross expenses from sole proprietorship (7,650,000) Income from BCD Partnership (Nick is a general partner) 135,000 Loss from PQR Partnership (Nick is a general partner) (1,000,000)