Tim, a single taxpayer, operates a business as a single-member LLC. In 2021, his LLC reports business income of $413,500 and business deductions of $723,625, resulting in a loss of $310,125. What are the implications of this business loss? a. Tim has an excess business loss of $ 45,500 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 $ 250,000 X of the $310,125 LLC business loss, to offset nonbusiness income is carried back, then forward X. X. The excess business loss