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.Before you buy an existing business, find out if the business owes any Texas taxes. Use Form 8949 to report sales and exchanges of capital assets. Line 1: Enter the name, address, and Tax Identification Number (TIN) of the other party (either the purchaser or seller). Bill of Sale and Assignment. Form 4797 is used for taxpayers to categorize the property they've sold, whether it's rental property, business property, or other types of assets. Business Entity Registration. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity.