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.The seller and the buyer each use Form 8594 to allocate the assets among seven asset categories. Allocation is based on the fair market value. 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 if goodwill or going concern value. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity.