Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. 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:.This article offers guidance on helping clients take advantage selling personal goodwill as a tax strategy. The buyer of business assets and the seller must independently report to the IRS the purchase price allocations that both use. Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets. Asset sales typically generate higher federal taxes because many types of assets are subject to higher ordinary income tax rates. (depends on seller's bracket).