If it's an asset sale, list the specific assets and liabilities included in the sale. This can include equipment, inventory, contracts, trademarks, and debts.Here is an example of what a business purchase agreement might look like. M. The Seller accepts the foregoing offer and agrees to sell the business assets on the terms and conditions according to the foregoing contract. Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets. You'll need: Tax and revenue records for the last three to four years. A detailed record of assets to include with your business. An asset purchase agreement is a type of contract that pertains specifically to the sale of a business or particular business assets. Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale.