Use Schedule D-1 to report the sale or exchange of business property when the California basis of the asset(s) is different from the federal basis. Use a California business purchase agreement to record the sale of a business.Download your free template today. Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer. Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and 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. This short-form asset purchase agreement is for use in the sale of a seller's assets for cash. The following table lists the acceptable Business forms and schedules for tax year 2023 that may be efiled with FTB. Form 4797 is used for taxpayers to categorize the property they've sold, whether it's rental property, business property, or other types of assets.