Question: The answer should be for to offset (either other business income or nonbusiness income), and for The excess business loss should be either (forfeited, carried

The answer should be for to offset (either other business income or nonbusiness income), and for The excess business loss should be either (forfeited, carried back then forward or treated as part of Tim's NOL carryforward.

Exercise 7-29 (Algorithmic) (LO. 6) Tim, a single taxpayer, operates a business as a single-member LLC. In 2021, his LLC reports business income of $380,500 and business deductions of $665,875, resulting in a loss of $285,375. 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? of the $285,375 LLC business loss, to offset . The excess business loss is Tim may use $ carried back, then forward

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