8. G had the following transactions in 2020: Asset Date Purchased Date Sold Cost Personal Auto 10/1/15 Stock 9/6/19 Corporate Bonds 7/1/19 State of Ohio 4/8/11 Bonds Painting* 2/24/19 Inventory** various 9/1/20 5/4/20 7/1/20 9/30/20 Sales Proceeds 10,000 12,000 4,000 17,000 29,000 8.000 7,500 40,000 3/23/20 12/21/20 16,000 40,000 4,500 33,000 *G's painting was his own work, so the cost represents materials used ($500) and $10 per hour for G's time ($4000). **This was a single sale of the entire contents of G's store. Compute and characterize the tax consequence for 2020. 8. G had the following transactions in 2020: Asset Date Purchased Date Sold Cost Personal Auto 10/1/15 Stock 9/6/19 Corporate Bonds 7/1/19 State of Ohio 4/8/11 Bonds Painting* 2/24/19 Inventory** various 9/1/20 5/4/20 7/1/20 9/30/20 Sales Proceeds 10,000 12,000 4,000 17,000 29,000 8.000 7,500 40,000 3/23/20 12/21/20 16,000 40,000 4,500 33,000 *G's painting was his own work, so the cost represents materials used ($500) and $10 per hour for G's time ($4000). **This was a single sale of the entire contents of G's store. Compute and characterize the tax consequence for 2020