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Problem $7-41($LO$.6)$

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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 $$400,000$ of capital to begin the business, and both materially participate in the business. In $2022,$ TGPS reports a net loss of $$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 $ $$ X$.$ He may use $ $$ X of his share of the $$580,000$ LLC business loss to offset other business income X $.$

Prada has an excess business loss of $ $.$ She may use $ $$ of her share of the $$580,000$ LLC business loss to offset $$

Any excess business loss is $$

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If a noncorporate taxpayer has an excess business loss for the year, it is not allowed.