Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. Generally, both the purchaser and seller must file Form 8594 and attach it to their income tax returns (Forms 1040, 1041,.IRS Form 8594 breaks down the assets of the business being purchased or sold into seven classes or categories. Report the sale of your business assets on Form 8594 and Form 4797, and attach these forms to your final tax return. â–· Attach to your income tax return. IRS Form 8594 walkthrough (Asset Acquisition Statement under IRC Section 1060). Both the buyer and seller must complete IRS Form 8594 during the sale to report the sale and purchase of business assets.