What are the tax liabilities of an irrevocable trust fund? Posted on September 28, 2010

I have an irrevocable trust set up along with my mother and son. My mother has placed around, though never exceeding, $10,000 dollars of gift money into this account per year. I am the trustee of the irrevocable trust, which is being overseen by a brokerage firm. What tax liabilities will I incur if I release an amount around $40,000 dollars in one sum to my son from the trust?

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