Problem 7-38 (L0.6) 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 2020, 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 $ . 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 35,000 X. She may use 255,000 X of her share of the $580,000 LLC business loss to offset nonbusiness income 0 Any excess business loss is treated as part of the taxpayer's NOL carryforward