A business usually has many assets. If you sold business-use property during the year, you had a gain or a loss on the sale.Complete and file Form 4797: Sale of Business Property. 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. Franchise tax reports are due on May 15 each year. If May 15 falls on a Saturday, Sunday or legal holiday, the next business day becomes the due date. In this article, we'll be discussing the ins and outs of selling a business in Texas, and the different types of taxes you need to consider. Explore tax strategies for selling your business. Bessemer Trust's expert guidance covers asset vs. The sale of a business usually triggers a long-term capital gain for the seller and federal capital gains taxes will apply.