The sale of a trade or business for a lump sum is considered a sale of each individual asset rather than of a single asset. In an asset sale, the new owner purchases the business's physical assets.The seller retains all rights to the legal entity. To input these, return to your business assets. Mark your mower as sold, enter the information. The new tax law can change your tax bill if you're planning to trade in a business vehicle for a new one. Here's what to know. 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. The sale of intangible assets used in a trade or business are apportioned to New York based on the partnership's apportionment fraction. c.