Wednesday, August 31, 2016
In the settlement agreement for Johnny Depp and Amber Heard’s divorce, Heard pledged to donate her $7 million settlement to charity. Depp has in turn decided to donate the amount directly to the charities in Heard’s name, sparking controversy over whether Depp received a substantial tax benefit. Heard’s team is arguing that Depp must change the settlement agreement or make a $14 million donation to account for the full amount of the payment obligation. Experts argue that Depp may not have even received such a deduction because it was not detached and disinterested generosity.
See Anna Sulkin, Johnny Depp’s “Charitable” Divorce Settlement, Wealth Management, August 29, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.