Facing $11B tax bill, Samsung heirs donate mass art trove

SEOUL, South Korea (AP) — Samsung’s founding family says it will donate tens of thousands of rare artworks, including Picassos and Dalis, and give hundreds of millions of dollars to medical research to help them pay a massive inheritance tax following last year’s death of chairman Lee Kun-Hee. The Lee family expects to pay more than $10.8 billion in taxes related to inheritance, which would be the largest amount in South Korea. Raising cash for the tax payment is crucial for the Lee family to extend its control over Samsung’s business empire — which extends from semiconductors, smartphones and TVs to construction, shipbuilding and insurance. Some analysts say the process could result in a shakeup across the group.