QUESTION 17 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, classify the following as Yes, If It is a tax issue or No, if it is not a tax issue as they relate to the sale of the painting. Will Alison have a carryover basis for the painting equal to her aunt's basis for the painting? Will Alison have a zero tax basis for the painting? Can she elect the alternative valuation for the gift from her aunt? Will the sale result in a taxable gain of $5 000? Is the painting an ordinary asset or a capital asset