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. Use Form 4797 to report: The sale or exchange of property.The involuntary conversion of property and capital assets. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. A form 8594 needs to be completed and both the seller and buyer need to attach this to their respective tax returns for the year of sale. Form 4797 Sales of Business Property reports the sale of business property.