Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. 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.Solved: Hello, would gladly appreciate any help with a Journal entry for purchase of new Vehicle. Per the IRS, "The sale of a trade or business for a lump sum is considered a sale of each individual asset rather than of a single asset. To discuss your sale or purchase agreement with a knowledgeable business attorney, call our law firm in Dallas, Texas, at 972-744-0445. Looking for Business Brokers in Texas? AID is a Business Advisor for Selling, Buying and aluing Business. In an asset sale, Company A transfers certain property to Company B in exchange for consideration (i.e. cash).