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.Get a Free Business Legal Evaluation. Fill out the form below and one of our team members will be in touch immediately! You itemize deductions. • You claim tax credits other than the family income tax credit, the property tax credit or the credit for increased excise taxes. Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller.