Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets.Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. 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. Download IRS Tax Form 4797 with instructions. Bystep guide for accurate reporting of business property sales ensuring IRS compliance. A simple form asset purchase agreement (APA) for the sale and purchase of a small business, operating from a single freehold site, as a going concern.