Section 167 of the Excise Tax Act (the Act) contains provisions for two elections that apply to the sale of a business and its assets. Information about selling a business including closing accounts, restrictive covenants, inventory valuation, change of ownership.Selling your business? A Business Purchase Agreement transfers a business entity from its owner to the buyer. This title contains nearly 200 forms and precedents on equipment leasing and the sale and operation of a business. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. This Toolkit contains continuously maintained standard documents, transaction guides and checklists to help counsel manage the transaction. This article will discuss ten key considerations that should be taken into account when acquiring the assets of a Canadian business. Form T2125 has fields where you can record money you earned from the disposition, or sale, of your business property and assets.