Exercise 7-28 (Algorithmic), (L.O, 6) Tim, a single taxpayer, operates a business as a single-member Lic. In 2023 , his LLC reports business income of 5421,500 and business deductions of $737,625, resulting in a loss of $316,125. What are the implications of this buslness 1055 ? a. Tim has an excess business loss of 5 X. b. Can this busineas loss be used to offset other income that Tim reports? If 50 , how much? If not, what happens to the loss? Tim may use s. of the $316,125 LLC business loss, to offset The excess business foss is treated as part of Tim's NOL. carryforward . Feedback T Chock My Wook If a noncorporate taxpayer has an excess business loss for the year, it is not allowed