Tim, a single taxpayer, operates a business as a single-member LLC. In 2021, his LLC reports business income of $427,000 and business deductions of $747,250, resulting in a loss of $320,250.

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?