please provide any primary source for law and analysis. what Tax laws are you using?

Scenario 3: Paula is a single taxpayer and loves to go to flea markets, garage sales, and antique shows. Five years ago she purchased a small oil painting at a garage sale for $20. Two months ago she was invited to be a guest on an episode of Antique Road Show. The television show producer asked her to bring a special item to be valued by an art historian expert. Paula was curious about the small oil painting and she was interested in learning more about it. The art historian told her that she had a rare painting by Claude Monet, and the value of the painting was $500,000. Paula called you, her tax accountant. a. Although Paula is not selling the painting, she wants to know if she is required to report income related to the increased value of the painting on her tax return. b. If required, how much would she have to report? c. Since she purchased the painting five years ago would she be required to amend a past tax return? Scenario 3: Paula is a single taxpayer and loves to go to flea markets, garage sales, and antique shows. Five years ago she purchased a small oil painting at a garage sale for $20. Two months ago she was invited to be a guest on an episode of Antique Road Show. The television show producer asked her to bring a special item to be valued by an art historian expert. Paula was curious about the small oil painting and she was interested in learning more about it. The art historian told her that she had a rare painting by Claude Monet, and the value of the painting was $500,000. Paula called you, her tax accountant. a. Although Paula is not selling the painting, she wants to know if she is required to report income related to the increased value of the painting on her tax return. b. If required, how much would she have to report? c. Since she purchased the painting five years ago would she be required to amend a past tax return