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. Form 8594 must also be filed if the purchaser or seller is amending an original or a previously filed supplemental Form.8594 because of an increase or decrease. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. â–¶ Attach to your income tax return. IRS Form 8594 defines seven asset classes to which the entire purchase price must be allocated. It is not technically mandatory for buyer and seller to submit equal purchase price allocations on their respective Form 8594 following an acquisition.