Exercise 7-29 (LO. 6) Tim, a single taxpayer, operates a business as a single-member LLC. In 2021, his LLC reports business income of $225,000 and business deductions of $587,000, resulting in a loss of $362,000. a. What are the implications of this business loss? 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 $362,000 LLC business loss, to offset The excess business loss is forfeited carried back, then forward treated as part of Tim's NOL carryforward