Tim, a single taxpayer, operates a business as a single-member LLC. In 2020, his LLC reports business income of $394,000 and business deductions of $689,500, resulting in a loss of $295,500. 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 $295,500 LLC business loss, to offset nonbusiness income . The excess business loss is treated as part of Tim's NOL carryforward

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