LO.2, 4 Alison owns a painting that she received as a gift from her aunt 10 years

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LO.2, 4 Alison owns a painting that she received as a gift from her aunt 10 years ago.

The aunt created the painting. Alison has displayed the painting in her home and has never attempted to sell it. Recently, a visitor noticed the painting and offered Alison

$5,000 for it. If Alison decides to sell the painting, what tax issues does she face?

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