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You and a friend from school formed a business that has become wildly successful. Now you are taking the company public in an IPO. Congratulations! You and your friend initially formed the corporation by each contributing $10,000 in cash, each receiving 1 million shares of stock, and pre-IPO you remain the only shareholders in the corporation. In the IPO the company issues 2 million new shares of stock to new investors, raising $150 million. In the IPO, how much taxable gain does the corporation recognize?

a.$0

b.$150 million

c.$149.998 million

d.$50 million

e.None of the above