Tim, a single taxpayer, operates a business as a single$-$member LLC$.$ In $2023,$ his LLC reports business income of $$444,000$ and business deductions of $$777,000,$ resulting in a loss of $$333,000.$What are the implications of this business loss?a$.$ Tim has an excess business loss of $fill in the blank $1.$b$.$ Can this business loss be used to offset other income that Tim reports? If so$,$ how much? If not, what happens to the loss?Tim may use $fill in the blank $2$of the $$333,000$ LLC business loss, to offsetnonbusiness income. The excess business loss istreated as part of Tim's NOL carryforward.