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.In an asset purchase, the buyer acquires targeted assets and liabilities from the seller, also known as the target company. Seller shall sell, convey, assign, transfer and deliver to Buyer, and Buyer shall purchase and acquire from Seller, free and clear of any Encumbrances. How do I fill out IRS Form 433-B? To complete IRS Form 433B, businesses must clearly show their financial status. The IRS uses this form to gather information about your monthly household income, living expenses, business and personal assets, and debts. Did you buy or sell a business during the tax year? If so, you may need to file IRS Form 8594 with your federal tax return. This article provides an overview of the benefits of transferring real property into LLCs, as well as the issues that property owners should consider.