You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. Complete all lines to identify the business or business assets being sold or transferred.Note: The Illinois Department of Revenue may also require the filing of a Bulk Sales Notice. Form 4797 is used for reporting the sale of various types of business property, such as real estate, equipment, and assets used in a trade or business. 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. When selling a business in Illinois, common tax implications include capital gains tax on the sale of business assets and potential state taxes.