Section 167 of the Excise Tax Act (the Act) contains provisions for two elections that apply to the sale of a business and its assets. This title contains nearly 200 forms and precedents on equipment leasing and the sale and operation of a business.Information about selling a business including closing accounts, restrictive covenants, inventory valuation, change of ownership. A short form agreement for the purchase and sale of certain tangible and intangible property of a Canadian private corporation or limited partnership. 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. New business licence applications for businesses are being accepted digitally. Transfers are recognized as deferred revenue when transfer stipulations give rise to a liability. Transfer revenue is recognized in the consolidated. In this lesson you will take a close look at accounts receivable.