You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. Both the buyer and seller must complete IRS Form 8594 during the sale to report the sale and purchase of business assets.ACCEPTANCE DATE: ("Acceptance Date"). SELLER'S INFORMATION: Seller's Signature: Seller's Name (print):. Cover your legal bases when preparing to buy or sell a business or franchise.