Apr 28, 2021
By Andy Johnson
One of the world’s richest families will donate tens of thousands of rare artworks, including Picasso’s and Dali’s and give hundreds of millions to medical research, after being slapped with a massive inheritance tax.
The Lee family, the people who own Korean-based Samsung, got the tax bill following last year’s death of chairman Lee Kun-Hee.
They are now required to pay almost $11 Billion in taxes, the largest-ever amount in South Korean history and more than three times the country’s total estate tax revenue for last year.
The family plans to remit the payment in six installments over five years. The first payment is due this month.