Wonder Corporation originally issued stock in January 2015 to Jayden and Min for capital contributions of $2 million each. Wonder manufactures electrical wiring. All Wonder assets contribute to the production and distribution of its products. The corporation performed extremely well, rising in value to $100 million. Unfortunately, Min resigned from the corporation, and in 2022, Min sold her investment in Wonder to a private equity investment firm for $45 million. Which of the following statements accurately describes the result of this transaction?

a. Min recognizes no gain or loss on the transaction.

b. Min's short-term capital gain is $27 million.

c. Min's long-term capital gain is $43 million.

d. Min's 1202 exclusion is $20 million.

e. Min has a $50 million realized gain.