Exercise 7-29 (Algorithmic) (LO. 6) Tim, a single taxpayer, operates a business as a single-member LLC. In 2020, his LLC reports business income of $362,500 and business deductions of $634,375, resulting in a loss of $271,875. 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 $271,875 LLC business loss, to offset The excess business loss is