Marilyn creates and funds an irrevocable trust for the benefit of her nieces and nephews. The trustee is required to distribute all the trust income to them, but no principal, and when the last niece or nephew reaches the age of 21, the trust ends in their favor proportionately. Marilyn retains, however, the right to swap and replace trust investments with other investments of equal value. Which of the following is true with respect to the taxable nature of this trust? (a) The trust is taxed as a simple trust All distributed income will be taxed to the nieces and nephews, while all capital gains will be taxed to the trust. (b) The trust is taxed as a complex trust, with the nieces and nephews being taxed on both the income and the capital gains. (c) The trust is treated as a charitable remainder trust. (d) This is an "intentionally defective grantor trust", and all income and capital gains will be taxed to Marilyn because of her retained power over the investments, despite its irrevocable nature