You aren't gonna suck me into the "is she a whore" debate
But yes as @Delirium said, it's limited to a percentage of your income (usually 30, sometimes 50), which you can offset with the donation, essentially making that amount non-taxable.
That's probably why Johnny wants to break it up over several years - he may not be pulling in the >$25M this year that he would need to in order to make the $7M fully deductible. Or he is, but he doesn't have the "room" without hitting the cap.
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