An asset sale transaction involves the sale of some or all of the assets used in a business from a selling company to a buyer. Learn the tax implications for each type of sale.An "asset sale" refers to the acquisition of individual assets and liabilities. A seller often prefers to sell stock, rather than assets, because it avoids the double taxation problem. It should not be read to mean that all asset sales in a particular state will be exempt from tax. Asset Sale lets buyers choose specific assets and liabilities; Stock Sale doesn't.