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. 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.Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. This is an applicable asset acquisition. Both Steve and Bigco must file Form. IRS Form 8594 defines seven asset classes to which the entire purchase price must be allocated. You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. Both buyer and seller fill out Form 8594 on their respective tax returns showing the allocation. Taxable Stock Sales. When and Where to File.