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