Draw up a comprehensive asset list. An asset list will show a potential buyer exactly what is being sold and the value of each item.A major difference between partnerships and S corporations involves the treatment of distributions of appreciated property. Connect with a Financial Advisor. Let's talk about your needs and objectives. You will need to allocate the amount reflected on form 8594 among all the assets. A typical method is to allocate the proceeds based on the original cost. What are Asset Sales? In legal terms, business asset sales occur when it sells some or all of its assets to another entity or person. Determine your cost basis.