Exercise $7-28($LO$.6)$

Tim, a single taxpayer, operates a business as a single$-$member $\_$L$.$ In $2023,$ his LLC reports business income of $$225,000$ business deductions of $$595,000,$ resulting in a loss of $$370,000.$

a$.$ What are the implications of this business loss?

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 lo

Tim may use $ of the $$370,000$ LLC business loss, to offset

$.$ The excess business Is loss is