Profits from the Sale of Associated Assets​​ Your profits will count as capital gains if you sell your customer lists, goodwill, or other intangible assets. Here are several tax strategies that can help you offset capital gains tax and get the most money from selling a business in California.The gain or loss on each asset is figured separately. The sale of capital assets results in capital gain or loss. An asset sale will likely result in a combination of gain taxed at both ordinary and capital gains rates, depending on the nature of the individual assets. The taxes on the sale of your business will depend on the transaction type and structure as well as the company's assets, price allocation, and balance sheet. If you sold business-use property during the year, you had a gain or a loss on the sale. Complete and file Form 4797: Sale of Business Property. Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets.