A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. Whether you are starting a new business or purchasing an existing one, you will need some basic information about New York State's Tax Law and regulations.This article offers guidance on helping clients take advantage selling personal goodwill as a tax strategy. You must apply for your certificate at least 20 days before you begin operating your business or before purchasing assets of another business. There are generally two ways to structure a deal: You can buy either the assets of the business or the seller's ownership interest. Here are the details. 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.