Joe Smith, a cash-basis taxpayer, earned an annual salary of $80,000 at Resolute Corp. in 2014, but he elected to take only $50,000. Resolute, which was financially able to pay Smith's full salary, credited the unpaid balance of $30,000 to Smiths account on the corporate books in 2014, and actually paid this $30,000 to Smith on January 30, 2015. How much of the salary is taxable to Smith in 2014? Explain.