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.Electronic filing of the Business Property Statement uses a web-based application that will allow users to view, modify, and submit BPS filings on-line. Total of 69 forms are available for Alameda County for 2024. Form 4797, Sales of Business Property. Line 18 – Net income (loss) for state purposes. The purchase and sale agreement for the business entity or assets is a vital document. This Asset Purchase Agreement (the Agreement ) is made as of the 22nd day of February,. You will need to allocate the amount reflected on form 8594 among all the assets. A typical method is to allocate the proceeds based on the original cost.