Complete all lines to identify the business or business assets being sold or transferred. You are required to report all sales of businesses to the Illinois Department of Revenue.Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets. Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer. Read Form CBS-1 Instructions for additional information. Step 1: Identify the business, business assets, or business property being sold or transferred.