does a GRAT work the same way as a…irrevocable trust, FBO,daughters and grandchildren?

I know the GRAT has k-1’s to send out, but does the same go for the irrevocable trust?

The GRAT gets no step up in basis, but does the irrevocable trust get a step-up or the same as the GRAT?

Does the same taxes apply to both?

the irrevocable has 100% stock in the portfolio. Is it better to sell the stock in the irrevocable, pay all the taxes due and send out cash to the beneficiaries (they all agreed to sell the stock)…or….would it be better to distribute shares of the stock to all the beneficiaries and let them pay the tax on their own?

Any help would be appreciated,
Douglas

Thank you