This is the sample code provided by Michael Petito in this Stack Overflow post: http://stackoverflow.com/questions/6421950/is-there-a-tutorial-on-how-to-implement-google-authenticator-in-net-apps .

GoogleAuthenticator.cs

using System;
using System.Globalization;
using System.Net;
using System.Security.Cryptography;
using System.Text;

public class GoogleAuthenticator
{
    const int IntervalLength = 30;
    const int PinLength = 6;
    static readonly int PinModulo = (int)Math.Pow(10, PinLength);
    static readonly DateTime UnixEpoch = new DateTime(1970, 1, 1, 0, 0, 0, DateTimeKind.Utc);

    /// <summary>
    ///   Number of intervals that have elapsed.
    /// </summary>
    static long CurrentInterval
    {
        get
        {
            var ElapsedSeconds = (long)Math.Floor((DateTime.UtcNow - UnixEpoch).TotalSeconds);

            return ElapsedSeconds/IntervalLength;
        }
    }

    /// <summary>
    ///   Generates a QR code bitmap for provisioning.
    /// </summary>
    public byte[] GenerateProvisioningImage(string identifier, byte[] key, int width, int height)
    {
        var KeyString = Encoder.Base32Encode(key);
        var ProvisionUrl = Encoder.UrlEncode(string.Format("otpauth://totp/{0}?secret={1}", identifier, KeyString));

        var ChartUrl = string.Format("https://chart.apis.google.com/chart?cht=qr&chs={0}x{1}&chl={2}", width, height, ProvisionUrl);
        using (var Client = new WebClient())
        {
            return Client.DownloadData(ChartUrl);
        }
    }

    /// <summary>
    ///   Generates a pin for the given key.
    /// </summary>
    public string GeneratePin(byte[] key)
    {
        return GeneratePin(key, CurrentInterval);
    }

    /// <summary>
    ///   Generates a pin by hashing a key and counter.
    /// </summary>
    static string GeneratePin(byte[] key, long counter)
    {
        const int SizeOfInt32 = 4;

        var CounterBytes = BitConverter.GetBytes(counter);

        if (BitConverter.IsLittleEndian)
        {
            //spec requires bytes in big-endian order
            Array.Reverse(CounterBytes);
        }

        var Hash = new HMACSHA1(key).ComputeHash(CounterBytes);
        var Offset = Hash[Hash.Length - 1] & 0xF;

        var SelectedBytes = new byte[SizeOfInt32];
        Buffer.BlockCopy(Hash, Offset, SelectedBytes, 0, SizeOfInt32);

        if (BitConverter.IsLittleEndian)
        {
            //spec interprets bytes in big-endian order
            Array.Reverse(SelectedBytes);
        }

        var SelectedInteger = BitConverter.ToInt32(SelectedBytes, 0);

        //remove the most significant bit for interoperability per spec
        var TruncatedHash = SelectedInteger & 0x7FFFFFFF;

        //generate number of digits for given pin length
        var Pin = TruncatedHash%PinModulo;

        return Pin.ToString(CultureInfo.InvariantCulture).PadLeft(PinLength, '0');
    }

    #region Nested type: Encoder

    static class Encoder
    {
        /// <summary>
        ///   Url Encoding (with upper-case hexadecimal per OATH specification)
        /// </summary>
        public static string UrlEncode(string value)
        {
            const string UrlEncodeAlphabet = "abcdefghijklmnopqrstuvwxyzABCDEFGHIJKLMNOPQRSTUVWXYZ0123456789-_.~";

            var Builder = new StringBuilder();

            for (var i = 0; i < value.Length; i++)
            {
                var Symbol = value[i];

                if (UrlEncodeAlphabet.IndexOf(Symbol) != -1)
                {
                    Builder.Append(Symbol);
                }
                else
                {
                    Builder.Append('%');
                    Builder.Append(((int)Symbol).ToString("X2"));
                }
            }

            return Builder.ToString();
        }

        /// <summary>
        ///   Base-32 Encoding
        /// </summary>
        public static string Base32Encode(byte[] data)
        {
            const int InByteSize = 8;
            const int OutByteSize = 5;
            const string Base32Alphabet = "ABCDEFGHIJKLMNOPQRSTUVWXYZ234567";

            int i = 0, index = 0;
            var Builder = new StringBuilder((data.Length + 7)*InByteSize/OutByteSize);

            while (i < data.Length)
            {
                int CurrentByte = data[i];
                int Digit;

                //Is the current digit going to span a byte boundary?
                if (index > (InByteSize - OutByteSize))
                {
                    int NextByte;

                    if ((i + 1) < data.Length)
                    {
                        NextByte = data[i + 1];
                    }
                    else
                    {
                        NextByte = 0;
                    }

                    Digit = CurrentByte & (0xFF >> index);
                    index = (index + OutByteSize)%InByteSize;
                    Digit <<= index;
                    Digit |= NextByte >> (InByteSize - index);
                    i++;
                }
                else
                {
                    Digit = (CurrentByte >> (InByteSize - (index + OutByteSize))) & 0x1F;
                    index = (index + OutByteSize)%InByteSize;

                    if (index == 0)
                    {
                        i++;
                    }
                }

                Builder.Append(Base32Alphabet[Digit]);
            }

            return Builder.ToString();
        }
    }

    #endregion
}