Tim, a single taxpayer, operates a business as a single-member LLC. In 2022, his LLC reports business income of $397,500 and business deductions of $695,625, resulting in a loss of $298,125. What are the implications of this business loss? a. Tim has an excess business loss of $fill in the blank 1 . 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 $fill in the blank 2 of the $298,125 LLC business loss, to offset nonbusiness income . The excess business loss is