In an asset sale, the buyer selects specific assets and typically avoids inheriting liabilities. An asset sale is the purchase of individual assets and liabilities, whereas a stock sale is the purchase of the owner's shares of a corporation.An asset sale might not include all of the target's assets and potential liabilities. Figure PPE 21 compares asset acquisitions and business combinations. This figure is not intended to address all accounting similarities or differences. Asset Sale lets buyers choose specific assets and liabilities; Stock Sale doesn't. Commonly referred to as cash-free, debt-free transactions, asset business sales do not typically involve the transfer of cash or long-term debts. An asset sale otherwise known as an asset deal or asset purchase is a special type of business sale that only deals with assets and liabilities. In an asset sale, the buyer acquires some or all of the contents of the business such as equipment, inventory, and accounts receivable.