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 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity.A Texas Business Purchase Agreement will help transfer business ownership and outline the terms of the sale. An asset purchase agreement is the legal document that will govern the transfer of ownership of a business's assets from the seller to the buyer. Get your business purchase agreement form template now and ensure your transaction is secure with expert tips from Moton Legal Group. The allocation will also have to be reported to the IRS on Form 8594, Asset Acquisition Statement. An Asset Purchase Agreement is a legally binding contract between a buyer and a seller that details the terms and conditions of the sale of a business's assets.