A taxpayer's note or promise to pay satisfies the "actually paid" requirement for the cash basis method of accounting.

Name: A taxpayer's note or promise to pay satisfies the "actually paid" requirement for the cash basis method of accounting.
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Question

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A taxpayer's note or promise to pay is not considered actual payment under the cash basis method of accounting. Actual payment must be in the form of cash, check, or electronic payment.

A Taxpayer's Note or Promise to Pay Satisfies the "Actually