Form 8594 must also be filed if the purchaser or seller is amending an original or a previously filed supplemental Form. 8594 because of an increase or decrease.This form provides the IRS with a detailed breakdown of how the purchase price is allocated across different asset categories. According to section 1060 of the Internal Revenue Code, the IRS requires that you fill out and file Form 8594 when you're buying or selling a business. The tax professional who comes into contact with such a situation should consider the need to file Form 8594, or to revise the valuation of specific assets. IRS Form 8594 breaks down the assets of the business being purchased or sold into seven classes or categories. IRS Form 8594 defines seven asset classes to which the entire purchase price must be allocated. Generally, both the buyer and seller are required to file Form 8594, Asset Acquisition Statement, provided the sale meets the following two conditions:.