The tax professional who comes into contact with such a situation should consider the need to file Form 8594, or to revise the valuation of specific 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.Form 8594 must also be filed if the purchaser or seller is amending an original or a previously filed supplemental Form. 8594 because of an increase or decrease. IRS Form 8594 defines seven asset classes to which the entire purchase price must be allocated. – Both the purchaser and seller are required to file Form 8594. – The Form 8594 must be attached to each filer's timely filed Federal income tax return. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. The basis in the assets acquired will generally include T's liabilities assumed in the transaction.