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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

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. 


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

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