You Can Easily File Your Return Online. Filing your return online is an easy and efficient method of filing your sales and use tax return.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. A business usually has many assets. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. An asset sale will generally be subject to California sales taxes. In California, sales tax is generally imposed on an asset sale of a company unless the company being sold is a service business (where the "occasional sale". When you're in an asset sale of a business in California, certain assets must be transferred to the buyer. One of these is cash and accounts receivable.