Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. Form 8594 must also be filed if the purchaser or seller is amending an original or a previously filed supplemental Form.8594 because of an increase or decrease. IRS Form 8594 defines seven asset classes to which the entire purchase price must be allocated. Thus, the buyer and the seller do not have to file. Form 8594 to report an allocation of the purchase price. The sum of the amounts allocated to Classes IV and V are reported in the aggregate on Form 8594. See Appendix A; see also T.D. 8711 (Jan. In addition, careful consideration should be given to the completion of Form 8594, reflecting the allocation.