Exercise 7-28 (Algorithmic) (LO. 6) Tim, a single taxpayer, operates a business as a single-member LLC. In 2022, his LLC reports business income of $418,500 and business deductions of $732,375, resulting in a loss of $313,875. 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 $313,875 LLC business loss, to offset nonbusiness income treated as part of Tim's NOL carryforward The excess business loss is