This Samsung TV has a newer design with a combined inverter/power supply board part number BN44-00264B. Inspection of the board showed no signs of bulged capacitors and no blown fuses but there was a burnt spot on one of the inverter transformers. Research on badcaps.net indicating replacing the transformer would fix the TV. It is curious the transformer in the same position fails which would indicate a design problem versus a faulty part.
Searching the transformer part number QGAH02095 found multiple sellers on Ebay selling the part anywhere from $1 to $10. I bought the cheapest one though I’ll need to wait 4-8 weeks for it to be delivered.
Update: I waited almost 6 months for the part but it still didn’t show up so i re-ordered it from a North American seller. After the replacement, the TV powered up with no issues.
Update 2: Got another TV in with the same symptoms that uses the same power supply board. Model is LN40B500 LN40B500P3F LN40B500P3FXZA
I would also recommend replacing the following electrolytic capacitors on this board.
CM861, CM866 – 1000uF/10V
CM862, CM856 – 470uF/25V
CM858, CM859 – 2200uF/10V
CM853, CM854, CM855 – 1000uF/25V