A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. Expert insights on Maryland tax laws for buying or selling a business.You must properly transfer the assets of a business purchase. A Maryland business attorney specializing in business sales will make sure it's done properly. Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Another option is to give or sell some or all of your business assets to the new owner.