Gemma has provided you, her tax adviser, with the following information: Year 1: Assessable Income = $100,000; Deductions = $250,000 Year 2: Assessable Income = $50,000; Exempt Income = $100,000; Deductions = $10,000 Year 3: Assessable Income = $70,000; Deductions = $20,000 Select the correct statement from the following. None of the options are correct. At the end of Year 3, Gemma has taxable income of $140,000. O At the end of Year 3, Gemma has taxable income of $40,000. At the end of Year 3, Gemma has taxable income of $50,000