"Service Area" has the meaning set forth in the recitals to this Agreement. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price.ASSET PURCHASE AGREEMENT from BOSTON OMAHA Corp filed with the Securities and Exchange Commission. Below is a general due diligence checklist with the first 8 of 16 items to cover your bases in a business or asset purchase transaction. An asset purchase agreement documents the terms of the sale of business assets from a seller to a buyer.