Both the buyer and seller must file Form 8594 with their respective tax returns for the year of the transaction. In an asset sale, Seller and Acquiror each must complete Form 8594, Asset Acquisition Statement.Under Section 1060 (Rev. Feb. As a rule, the starting point for your Arizona return is your federal adjusted gross income. – Both the purchaser and seller are required to file Form 8594. – The Form 8594 must be attached to each filer's timely filed Federal income tax return. 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. Both the buyer and seller have to file Form 8594 with their own individual income tax return.