In this series of posts, Middlesex Savings Bank will share tips to consider when planning and executing the sale of your business. 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.This application must be filed at least 20 days before either taking possession of the business assets or paying for them, whichever comes first. Great opportunity for an experienced bagel operator to take over owner operated bagel store with a lot of potential. You will need to allocate the amount reflected on form 8594 among all the assets. A typical method is to allocate the proceeds based on the original cost. Discover whether an asset or stock sale is best for buying or selling a Connecticut business with Aeton Law Partners. It has the advantage of having a long history in the area with an excellent location. Strip mall location sells lotto!!