Timothy Gates and Prada Singh decide to form a new company, TGPS LLC (a multimember LLC that will report its operations as a partnership). Timothy is married, and Prada is single. Each contributes $400,000 of capital to begin the business, and both materially participate in the business. In 2018, TGPS reports a net loss of $580,000. What are the implications of this loss for Timothy and Prada? If an amount is zero, enter 0" Timothy has an excess business loss of $ business loss to offset nonbusiness income He may use $ of his share of the $580,000 LLC Prada has an excess business loss of( business loss to offset nonbusiness income -0.she may used of her share of the $580,000 LLC Any excess business loss is treated as part of the taxpayer's NOL carryforward