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22 trillion to pay 13 trillion in estate tax Samsung “in control of the family” big headache

What is Inheritance tax? Let me tell you one true story. And then we will teach you to learn how to do tax calculation with turbotax deluxe 2020.

South Korea’s chosun ilbo newspaper reported last year before samsung chairman lee kun-hee, who died to pay the 13 trillion won huge property taxes, vice President of samsung electronics, lee jae-yong, woosong hotel President lee boo-jin, samsung apparel company executive vice President of the first hair Li Xu show such as “control” crowd of samsung need to South Korea’s financial institutions for hundreds of billions of unsecured funding won scale.

Financing with stock collateral?

Korea each securities institutions are unable to raise corresponding funds

None of the domestic securities firms was able to meet the financing needs of Samsung’s “owners”, who had intended to raise capital in the form of stock guarantees. This is largely because of a recent increase in domestic investment by individual investors who pledge shares to raise money, and the country’s securities firms have largely reached their funding ceiling.

According to a person close to Mr Lee: “The Lee Jae-yong siblings and Hong La-hee [Mr Lee’s wife] had previously inquired about the securities firms but were told they could not meet such a huge financing need. So you end up having to apply for unsecured financing.” Mr Lee’s shares, worth about Won210bn last year, are understood to be his exact source of income, potentially providing hundreds of billions of won in unsecured financing.

It is understood that Lee Kun-hee, the former chairman of Samsung Group, has left a legacy worth 22 trillion won through stocks, fine art, real estate and so on. His wife and children will have to pay 13 trillion won in inheritance taxes to the South Korean government. Even if the tax is paid in six-year installments, Samsung’s group of “bosses” will have to pay 2 trillion won in inheritance tax this year. But because of management issues, so many shares are hard to sell all at once, and the art is impossible to pay in kind.

As the April 30 deadline for Mr. Lee’s family to file inheritance tax returns approaches, Samsung’s “owners” are wondering how they will come up with so much money.

As we have learned, respect of Samsung group tasted appraisal committee of 3 orgasmations to Lee Kunxi to have more than 12 thousand pieces of art undertook price appraisal through association of gallery of Korea, fine arts. But with more than Won13, 000bn of inheritance tax not guaranteed, the “control” group has had to raise unsecured finance. “Since the proportion of shares held by these people is not high, it is not easy for them to transfer the shares of core enterprises such as Samsung Electronics, Samsung C&T and Samsung Life,” said a source in South Korea’s financial circle. “It is also realistic to use art works as collateral. So their biggest challenge now is how to make sure they can maintain their business while finding the money to pay the sky-high inheritance tax.”

Lee Kun-hee’s legacy is thought to be worth more than 22 trillion won. Lee Kun-hee was hospitalized because of a sudden stroke and has been unconscious. So far, the distribution of Mr. Lee’s estate has not been made public. Under South Korean inheritance law, his wife, Hong Ra-hee, will inherit three-nine-tenths of Lee Kun-hee’s estate, while three of his children, including Lee Jae-yong, will each inherit two-nine-tenths.

In addition, the top rate of inheritance tax in South Korea is 50 percent, but for the heads of large companies, the rate can reach 60 percent. As a result, Mr Lee’s family will be liable for 13 trillion won in inheritance tax. In addition, if you pay in installments, you must pay the corresponding interest every year. As a result, Mr. Lee’s family pays at least 2 trillion won a year in inheritance taxes.

The first consideration for inheritance tax financing is the share dividend of the heir. Last year, Samsung paid a 125bn won dividend on Mr Lee’s shares and 160bn won to Mr Hong. At the time of his death, Lee Kun-hee’s share payout was 740bn won. Messrs. Lee Fu-jin and Lee Soe-hyun don’t own shares of Samsung Electronics, so don’t receive dividends from the company.

Even if the share dividend is used to offset the inheritance tax, the annual sum of 2 trillion won would be a huge burden on Mr Lee’s family. Lee Jae-yong, in particular, has been unpaid for the past four years, receiving no income other than share dividends.

Even if Mr Lee wanted to sell shares now to raise money to pay inheritance tax, it would not be easy. He now owns just 0.7% of Samsung Electronics, 17.3% of Samsung C&T and 20.8% of Samsung Life. He inherited a 4.2% stake in Samsung Electronics and a 20.8% stake in Samsung Life from Lee Kun-hee.

Financial industry sources said: “If Lee Jae-yong at this time to sell his shares, it is likely to attract foreign speculative capital attacks, which may endanger his control of the core Samsung Group companies Samsung Electronics, Samsung Life, Samsung C&T.”

Since December, the Art Appraisal Committee of the Korea Museum of Fine Arts, the Korea Art Price Appraisal Association and the Korea Art Appraisal Research Center have been appraising a series of Lee Kun-hee’s works at the Lim Museum in Seoul, leading to widespread speculation that they may be sold in the near future.

Now, with the identification almost complete, Mr Lee’s collection totals 13, 000 pieces, including 30 national treasures, 82 non-valuable treasures and 3, 500 pieces of modern and contemporary art (of which 2, 200 are Korean and 1, 300 are from the West), worth 3 trillion won, or $2.66 billion. Artists such as Monet, Andy Warhol, Picasso, Cy Twombly and Alberto Giacometti are featured.

“The prices of some of these works may have shot up considerably since Lee bought them,” said an art appraiser who asked not to be named. “If you put these masterpieces together in one space, it could easily be one of the top five art museums in the world,” said another art expert involved in the evaluation project.

It is understood that Samsung’s “control group” has considered selling some of Lee Kun-hee’s art to overseas markets, which could raise 2-3 trillion won. Lee Kun-hee, for example, owns Monet’s “Water Lilies,” which could fetch 100 billion won. But recently, there have been calls in South Korea for Samsung to give Lee Kun-hee’s works to art galleries or museums — mainly to prevent “Water Lilies” from going overseas. But if the Samsung group were to be transferred for nothing, there would be no money to pay the high inheritance tax.

Some have suggested that if Samsung pays a portion of the fine art, it could be used to offset some of the estate tax to prevent valuable cultural property from going overseas. Lawmaker Lee Kwang-jae proposed the amendment to the bill in November, but it has yet to be considered by parliament. The suggestion has also sparked controversy in South Korea, where it is seen by some as privileging Samsung’s “controlling family”.

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