Tim, a single taxpayer, operates a business as a single-member LLC. In 2022, his LLC reports business income of $403,500 and business deductions of $706,125, resulting in a loss of $302,625.

Exercise 7-28 (Algorithmic) (L0. 6) Tim, a single taxpayer, operates a business as a single-member LLC. In 2022, his LLC reports business income of $403,500 and business deductions of $706,125, resulting in a loss of $302,625. What are the implications of this business loss? a. Tim has an excess business loss of $ 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 $ of the $302,625 LLC business loss, to offset The excess business loss is