Tim, a single taxpayer, operates a business as a single-member LLC. In 2020, his LLC reports business income of $404,500 and business deductions of $707,875, resulting in a loss of $303,375. What are the implications of this business loss? a. Tim has an excess business loss of $ 53,375 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? The excess business Tim may use $ 53,375 X of the $303,375 LLC business loss, to offset nonbusiness income loss is treated as part of Tim's NOL carryforward