Tim, a single taxpayer, operates a business as a single-member LLC. In 2020, his LLC reports business income of $419,500 and business deductions of $734,125, resulting in a loss of $314,625. 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 $314,625 LLC business loss, to offset The excess business loss is During 2020, Leisel, a single taxpayer, operates a sole proprietorship in which she materially participates. Her proprietorship generates gross income of $142,000 and deductions of $420,000, resulting in a loss of $278,000. The large deductions are due to the acquisition of equipment and the use of immediate expense and additional first-year depreciation to deduct all of the acquisitions. Can Leisel use all of this loss to offset other income she has? She may use $ Leisel has an excess X of the $278,000 proprietorship business loss to offset nonbusiness income X. The excess business loss is treated as part of her NOL carryforward business loss of $