Tim, a single taxpayer, operates a business as a single-member LLC. In 2020, his LLC reports business income of $40,000 and business deductions of $705,250, resulting in a loss of $302,250. 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? tf so, how much? If not, what happens to the one Tim may use of the $302,250 LLC business loss, to offset nonbusiness income The excess business is treated as part of Tim's NOL carryforward