Companies Kevin, a shareholder of Pan Pacific Tourist Ltd sold one painting from his private antique collection with a market value of 18,000 to Pan Pacific Tourist Ltd for $30,000. The cost of the painting is $4,000. Pan Pacific Tourist Ltd intends to display the painting in the reception area. 

Required: 

Determine the tax implications for the company of the above transaction.

Answer rating: 100% (QA)

Kevin is a shareholder of Pan pacific tourist Ltd Kevin has a painting cos... View the full answer