Utica CPA Services mailed a $15,000 invoice to Hurricane Title for professional services rendered. Utica CPA Services is a cash basis taxpayer. Hurricane Title offered to pay the invoice by transferring 150 shares of GT&E common stock to Utica. The shares are selling on the NYSE at $100 per share. If Utica accepts the shares as payment, it recognizes:

Group of answer choices

$15,000 taxable income.

No taxable income until it sells the GT&E shares for cash.

No taxable income.

It is illegal for a cash basis taxpayer to accept a noncash payment.