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Hello! These are questions I got incorrect on my accounting study guide. Explaination to the right answer would gladly be appreciated and ill give a thumbs up :) Thank you

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Exercise 7-28 (Algorithmic) (LO. 6) Tim, a single taxpayer, operates a business as a single-member LLC. In 2023, his LLC reports business income of $415,500 and business deductions of $727,125, resulting in a loss of $311,625. What are the implications of this business loss? a. Tim has an excess business loss of $ x. 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 \$ X of the $311,625 LLC business loss, to offset . The excess business loss is treated as part of Tim's NOL carryforward . Kim works for a clothing manufacturer as a dress designer. During 2023, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows: Assume lodging/meals are the same amount for the business and personal portion of the trip ( $171 per day for lodging and $158 per day for meals). If an amount is zero, enter " 0 ". If required, round all interim calculations to nearest dollar. a. Determine Kim's business expenses, presuming no reimbursement. What amount may she deduct on her tax return? Joey, age 49 , who is single, is not covered by another qualified retirement plan and earns $140,000 (AGI is $140,000 ) at his job in 2023 . How much can he contribute to a traditional IRA in 2023? Click here to access Concept Summary 9.4. Carry out any division to five decimal places and use in subsequent computations. If required, round your final answers to the nearest dollar. In 2023 , he can contribute $ to a traditional IRA or \$ X to a Roth IRA

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