In order to apply the withholding to the gain, the seller must complete Form NR-AF2 (Affidavit of Seller's Gain) attesting to the amount of the taxable gain. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price.The gain or loss on each asset is figured separately. The sale of capital assets results in capital gain or loss. What small business taxes do you have to pay in Alabama? To file or pay your taxes, visit the Maryland Tax Connect portal, use an independent software provider, or a professional tax preparer. In an asset sale, the buyer has the option to choose which assets (and liabilities) they want to acquire (or assume) directly from the business. The Treasury is open Monday through Friday, am to pm, with the exception of County, State and Federal holidays.