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.

(a) Will Alison have a zero tax basis for the painting? (AnswerYes or No)

(b) Will the sale result in a taxable gain of $5,000? (AnswerYes orNo)

(c) Is the painting an ordinary asset or a capital asset? (AnswerOrdinary or Capital)