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. The two most common ways to transfer ownership of a business are a stock sale and an asset purchase.The sale of a trade or business for a lump sum is considered a sale of each individual asset rather than of a single asset. 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. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Explore tax strategies for selling your business. Bessemer Trust's expert guidance covers asset vs. An Even Trade Bill of Sale is a legal document used to record the exchange of one item or asset for another of equal value between two parties. Report the gain or loss on the sale of rental property on Form 4797, Sales of Business Property or on Form 8949, Sales and Other Dispositions of Capital Assets.