It will depend on the size of the photos and what else is on the iPad. Assuming that no apps, music or videos are being stored on the iPad and that the pictures are using JPEG compression then the iPad could hold over 100,000 pictures.
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That will depend on the amount of other content on the iPad (apps, songs, etc.) and the resolution and compression of the photos. There is no fixed number.
It can hold about 245,000 photos taken from the onboard camera if no other apps, music, videos or books are loaded on to it.
We will just say that most photos will take up 4 MB. The iPad has around 28 gigs of space because of the pre installed apple stuff. So maybe 14,000 if you didn't use it for nothing else.