Tim, a single taxpayer, operates a business as a single-member LLC. In 2023, his LLC reports business income of $225,000 and business deductions of $595,000, resulting in a loss of $370,000. a. What are the implications of this business loss? Tim has an excess business loss of \$ X. 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 \$ X of the $370,000 LLC business loss, to offset . The excess business loss is treated as part of Tim's NOL carryforward