Exercise 7-28 (Algorithmic) (LO. 6) Tim, a single taxpayer, operates a business as a singlemember LLC. In 2022, his LLC reports business income of $438,000 and business deductions of $766,500, resulting in a loss of $328,500. What are the implications of this business loss? a. Tim has an excess business loss of $ X. 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 $X of the $328,500 LLC business loss, to offset . The excess business loss is