Tim, a single taxpayer, operates a business as a single$-$member LLC$.$ ?In $2023,$ ?his LLC reports business income of $$408,000$ ?and business deductions of $$714,000,$ ?resulting in a loss of $$306,000.$

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 $$306,000$ ?LLC business loss, to offset

$.$ ?The excess business loss is

$.$