Hannah is an employee of a public corporation. Two years ago in March, her employer granted her the option to acquire 1,000 shares in the company for $20 per share, which was the fair market value (FMV) of the shares at the time that the option was granted. The option vested immediately. In November of last year, the shares are trading at $35 per share, and Hannah is thinking about exercising her option. What statement is TRUE? 

Had Hannah exercised her option in November of last year, Hannah would have realized a taxable employment benefit last year because she did not wait the minimum 24 months prior to exercising the option. 

Hannah could defer realization of the full taxable employment benefit until she sells the shares.

Hannah could only defer realization of part of the taxable employment benefit because the value of the option exceeds the annual vesting limit. 

Hannah could not defer realization of any of the taxable employment benefit because the exercise price did not exceed the FMV of the shares at the time that the option was granted.