Irrevocable Trust Tax Rates – VA

My wife recently inherited an irrevocable trust where she was the sole beneficiary. Her mother was the trustee but has now signed the trust over to her in November 2024. There’s about $320k in the account, all in stocks and mutual funds (cost basis 200k)

We’re planning to sell some of the investments to make a larger down payment on a new house, but I’m trying to understand the tax implications before doing anything. From what I’ve read, it sounds like only capital gains tax would apply at 15% — is that right?

A few more details:

• The trust is now fully under my wife’s control.
• Her grandmother (the grantor) passed away in 2020
• We’re not sure if the trust assets got a step-up in basis when it became irrevocable, this doesn't matter as we would pay the capital gains no matter the situation

Questions:

1. How can we confirm whether there was a step-up in cost basis?
2. Are there any other taxes (besides capital gains) we should be aware of?

Any advice from people who’ve been through this or from tax pros familiar with inherited trusts would be super helpful. Please note if I'm missing anything.