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 4797 or Form 8949 for sale of business assets.Business Personal Property deals with the physical assets used in the operation of the business. Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets. All forms are fillable. You can fill it out in Reader and print it from there.