In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity.An Even Trade Bill of Sale is a legal document used to record the exchange of one item or asset for another of equal value between two parties. 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. There are two primary ways to structure the taxable purchase and sale of an incorporated business. The parties may engage in an asset acquisition. Per the IRS, "The sale of a trade or business for a lump sum is considered a sale of each individual asset rather than of a single asset.