If the business you are buying includes business assets such as furniture or office equipment, you must pay sales tax on them. Asset sales typically generate higher federal taxes because many types of assets are subject to higher ordinary income tax rates.(depends on seller's bracket). 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 the space provided on the front of the return, enter your correct Social Security. Number and Employer Identification.