Who will be taxed on the trust income in each of the following situations where Gillian creates an irrevocable, inter vivos trust by transferring $10 million to the trustee? The trust is known as The Smith Family Trust. 1. The trustee, Friendly National Bank, is required to distribute all income, at least quarterly, in equal shares to Ann and Bert. After the death of Ann and Bert, the trustee is to distribute the trust property to their lineal descendants by right of representation. Friendly National Bank distributes all the income each year to Ann and Bert. Who will be taxed on the trust income in each of the following situations where Gillian creates an irrevocable, inter vivos trust by transferring $10 million to the trustee? The trust is known as The Smith Family Trust. 1. The trustee, Friendly National Bank, is required to distribute all income, at least quarterly, in equal shares to Ann and Bert. After the death of Ann and Bert, the trustee is to distribute the trust property to their lineal descendants by right of representation. Friendly National Bank distributes all the income each year to Ann and Bert