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Wed Apr 28, 2021, 07:58 AM

Samsung family donating mass art trove to smooth inheritance

Source: AP

By KIM TONG-HYUNG

SEOUL, South Korea (AP) — 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 ($10.8 billion) in taxes related to inheritance, Samsung said Wednesday. 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. The family plans to divide the payment in six installments over five years, while making the first payment this month.

Raising cash for the tax payment is crucial for the Lee family to extend its control over Samsung’s business empire, which extends from semiconductors, smartphones and TVs to construction, shipbuilding and insurance. Some analysts say the process could result in a shakeup across the group.

Giving away the late chairman’s vast collection of masterpieces could help smoothen the payment as his family wouldn’t need to pay taxes on donated artworks.



People pass by Samsung Electronics' shop in Seoul, South Korea, Wednesday, April 28, 2021. 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. (AP Photo/Ahn Young-joon)


Read more: https://apnews.com/article/health-business-personal-taxes-philanthropy-arts-and-entertainment-818b30531fc2afc925fb5efae0e054e8



This is the way it should work for billionaires in the US.

5 replies, 1467 views

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Reply Samsung family donating mass art trove to smooth inheritance (Original post)
Omaha Steve Apr 28 OP
mopinko Apr 28 #1
HUAJIAO Apr 28 #2
soryang Apr 28 #3
rpannier Apr 28 #4
Marrah_Goodman Apr 28 #5

Response to Omaha Steve (Original post)

Wed Apr 28, 2021, 10:01 AM

1. no doubt worth multiples of what he paid for them.

that's a great thing to think about in an estate plan. i mean that sincerely.
a rly good reason to invest in art.

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Response to Omaha Steve (Original post)

Wed Apr 28, 2021, 11:24 AM

2. 10.8 BILLION! And that is just the TAX !!



I got a $10 refund from my NY State tax dept this year!!!



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Response to Omaha Steve (Original post)


Response to Omaha Steve (Original post)

Wed Apr 28, 2021, 10:49 PM

4. 2nd Highest Inheritance Tax in the OECD after Japan

50% on his inheritance

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Response to Omaha Steve (Original post)

Wed Apr 28, 2021, 11:25 PM

5. And yet they will still be vastly wealthy afterwards.

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