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. Sales Tax applies to most retail sales of goods and some services in Minnesota.To compute Minnesota income tax, the proprietor uses Form M1, the individual income tax return form. Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets. An overview of the different tax forms and schedules that different business entities use. Learn how to contract with Hennepin County and find requirements for operating a business including building permits, licenses, recycling, and property. You can reduce what you owe in property taxes. Property tax exemptions, exclusions and lowered tax rates are based on how you use your property.