Wellington, Inc., a U.S. corporation, has a wholly-owned subsidiary organized in Paraguay where the corporate tax rate is 10%. The subsidiary has $50 million of income in the current year. Included in that amount is $20 million of earned through the sale of inventory purchased from Wellington and sold to customers in Argentina and Brazil. How much income must Wellington include in its U.S. gross income as a result of the subsidiary's operations?

$0

$20 million

$50 million

None of the above.