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The Samsung family is donating a treasure trove of art, including Picasso և Dalis, in an attempt to cut their huge inheritance tax bill.

Samsung President Lee Kun-ho.

Samsung CEO Lee Koon-hee left his heirs with a fortune of almost $ 21 billion after he died of a heart attack in October last year. Jung Yeon- / e / AFP / Getty Images:

  • Samsung’s Lee Family has found a way to figure out their $ 10.78 billion inheritance tax bill.

  • Lees unloads a treasure trove of 23,000 works of art, including Picasso և Dalis.

  • The $ 1.8 billion art will be donated to South Korea’s national museums.

  • Visit the Insider homepage for more stories.

The family of the late Samsung Electronics chairman Lee Kun Hee donates about 23,000 art treasures to South Korean museums to pay a massive tax payment over five years.

The art collection includes pieces by Salvador Dali, Pablo Picasso and Jean an-Michel Basquiat, which will be directed to several national museums in the country.

According to the Guardian, the family collection includes masterpieces by Korean artists Pak Su-kun, Li ung ung-seop, Kim Wang-ki և valuable collections.

Yonhap News reports that the art collection is valued at about 2 trillion won (or $ 1.8 billion).

“A total of approximately 23,000 pieces of the late President Lee’s collection of antiques and Western paintings by Korean artists will be donated to national organizations in recognition of his passion for collecting and his belief in the transmission of our cultural heritage. “New generations,” said a statement from the conglomerate, which was seen by Yonhap.

Some of the most famous donations are: Marc Chagall’s bride և the groom with a bouquet, և Dali’s family from the Marsupial Centaur family.

Yonhap News writes that the collection of art contains cultural samples of the dynasties of Goryeo (918-1392) and Joseon (1392-1910). This includes Korean artist ong yong Seon’s landscape painting “Inwangjesaekdo,” a landscape painting of the Joseon era, a piece designated a national treasure in 1984.

Invangeesaekdo
Inwangjesaekdo (“After-Sun Cleansing at Inwangsan Mountain” or “After-Rain at Inwangsan Mountain”) is a painting by renowned Korean landscape painter Jeong Seon. Gongu / Ho-Am Museum, Yong

According to the art website ARTnews, the donation is likely to benefit two Korean museums. More than 20,000 pieces will be donated to the Seoul National Museum in Korea, and about 1,200 pieces will be donated to the National Museum of Contemporary Art. The MMCA told ARTnews that it will be hosting an exhibition of gifts from the Lee Kun-hee Collection Masterpieces, with possible tours of South Korean museums, even internationally.

The Liberals were slapped with a $ 12 trillion won (about $ 10.87 billion) tax bill, a record for South Korea, which has a 50 percent inheritance tax rate. According to the BBC, this percentage is the second highest in the world after Japan Aponia, which raises the inheritance tax by 55%.

Nikkei Asia reported that Lee’s wife and three children said they were happy to pay the tax bill in a rare public announcement.

“It is our civic duty and responsibility to pay all our taxes,” they said, noting that “inheritance tax payment is one of the largest in Korea and around the world.” The family did not say how the patriarch’s shares would be distributed or whether any of them would be sold.

The patriarch’s heirs, who are forced to pay such a huge tax bill, are not surprised, as Lee Koon-ho was the richest man in South Korea for 12 years.

The Samsung family is South Korea’s largest Kabul, or family group.

According to the Wall Street Journal, the Lee Clan also plans to donate more than $ 900 million to their charitable efforts to build medical facilities in South Korea to help children with cancer and rare diseases. Lees will not be taxed for this donation either.

Read the original article in Insider

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