Tim, a single taxpayer, operates a business as a single-member LC. In 2023 , his LLC reports business income of $435, 000 and business deductions of $761,250, resulting in a loss of $326,250. 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? Tim may use : of the $326,250 LLC business loss, to offset The excess business loss is