Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital 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 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. Michigan law is clear that a purchaser is liable for the tax liability of a seller if the purchaser fails to comply with the requirements of MCL 205.27a(1). Your attorney should explain the tax implications of including real property in your asset sale. A business sale transaction can take several forms: (1) sale of assets, (2) sale of stock, (3) merger, ( 4) consolidation, or (5) share exchange.