Tim, a single taxpayer, operates a business as a single-member llc. in 2018, his llc reports business income of $394,000 and business deductions of $689,500, resulting in a loss of $295,500. what are the implications of this business loss?

tim has an excess business loss of $

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 $295,500 llc business loss, to offset nonbusiness income . the excess business loss is treated as part of tim's nol carryforward .