Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer. 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.Today's goal is to help you understand the importance of IRS Tax Form 8594 in preparing for sale of your business to a third party… A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. The Personal Property Division information page of the SDAT Web site contains links to forms and instructions, brochures, exemptions, tax rate charts and more. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Create a thorough plan to transfer ownership, sell, or close your business. Get qualified advice and know what to do to tie up loose ends.