Exercise 7-27 (Algorithmic) (LO. 6) Tim, a single taxpayer, operates a business as a single-member LLC. In 2020, his LLC reports business income of $415,000 and business deductions of $726,250, resulting in a loss of $311,250. What are the implications of this business loss? a. Tim has an excess business loss of $ ox. 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 $311,250 LLC business loss, to offset nonbusiness income. The excess business loss is treated as part of Tim's NOL, carryforward