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. 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 if goodwill or going concern value. If the University will be paying the contractor, deliver one copy of the agreement and the contractor's IRS Form W-9 to the Accounts Payable Department. 3. IRS Form 8594 walkthrough (Asset Acquisition Statement under IRC Section 1060). The buyer must complete Form 593-I, "Real. Estate Withholding Installment Sale Agreement. Include a copy of IRS Form 5768.