Heirs of Late Samsung Electronics Chairman to Pay Massive Inheritance Tax

The family of the late Lee Kun-hee, the chairman of South Korea’s Samsung Electronics, says it will pay $10.8 billion in taxes on the inheritance from his massive estate, the largest paid in South Korean history. 

Lee died last October leaving an estate estimated at more than $23 billion.    The family, which includes his wife and three children, says it will split payments of the hefty tax bill in six installments over five years, with the first payment coming this month.   It is believed they will use the shares they hold in the vast family-run conglomerate as a means to pay the taxes.