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 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity.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 if goodwill or going concern value. Record the allocation details on Form 8594 and submit it with your tax return for the year of the acquisition. Learn how to file form 8594 and when to file. Use Parts I, II, and III of Form 8824 to report each exchange of business or investment real property for real property of a like kind. The seller and the buyer each use Form 8594 to allocate the assets among seven asset categories. Allocation is based on the fair market value.