Tim, a single taxpayer, operates a business as a single-member LLC. In 2021, his LLC reports business income of $442,000 and business deductions of $773,500, resulting in a loss of $331,500. 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? of the $331,500 LLC business loss, to offset The excess business Tim may use $ loss is