Thus, both the Buyer and Seller must complete this application. Only businesses that are already licensed to operate a trade waste business in New York City may.Find info on the process of selling a business and business lawyers with NYC Bar. 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. Use Form 8949 to report sales and exchanges of capital assets. 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. Application to Proceed with Asset or Business Sale Transaction, Merger, Acquisition or other Business Restructuring or Reorganization.