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.This form provides the IRS with a detailed breakdown of how the purchase price is allocated across different asset categories. Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets. , Nicholas Baum, and City Juice Systems KS, LLC. That is where IRS Form 8594 comes in. Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller.