Samsung family donating mass art trove to smooth inheritance
Samsung’s founding family will donate tens of thousands of rare artworks, including Picassos and Dalis, and give hundreds of millions of dollars to medical research to help them pay a massive inheritance tax following last year’s death of chairman Lee Kun-Hee.
The Lee family, including his wife and three children, expects to pay more than 12 trillion won (A$14 billion) in taxes related to inheritance, Samsung said.
This would be the largest-ever amount in South Korea and more than three times the country’s total estate tax revenue for last year.