The latest chapter in the “Made for T.V.” saga that is the Herbert Axelrod scandal was his pleading guilty last week to helping a former employee file a fraudulent federal tax return.
As part of that guilty plea Axelrod must file a 2003 tax form but is not allowed to claim a $32 million deduction for his collection of string instruments he sold to the New Jersey Symphony Orchestra. The $32 million figure is the difference the $49 million Axelrod claims the instruments were worth and the $17 million he sold them for.