Paying taxes is a pain. Especially if you need to trade your exquisite Picasso and Dalis pieces in lieu of it. However, in enduring the agony (or not), Samsung’s founding family has recently pledged to give away tens of thousands of rare artworks to pay off a massive inheritance tax following last year’s death of chairman Lee Kun-Hee.
The Lee family, including his wife and three children, are expected to pay more than $10.8 billion in taxes related to their inheritance. The amount is said to be more than half the wealth Lee held in stockholdings and real estate, as per the related reports.
Considering that it is a huge sum even for the Lees, the family will pay off the amount in six installments over five years while making the first payment this month. They will also give away hundreds of millions of dollars to medical research as per sources.
Commenting on it, the Lee family said, “It is our civic duty and responsibility to pay all taxes.” The family will donate 23,000 pieces from Lee’s personal collection to two state-run museums. These will include Korean paintings, books, and other cultural assets designated as national treasures, and modern Korean painters such as Park Soo-Keun and Lee Jung-seop, along with works of Marc Chagall, Pablo Picasso, Paul Gauguin, Claude Monet, Joan Miro, and Salvador.
It will further donate $900 million to help fund infectious disease research and treatment for children with cancer and rare illnesses. The Lees’ have time until Friday to report the details of the inheritance and the payment plan to the tax authorities.