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. The Purchaser wishes to acquire from the Sellers, and the Sellers wish to sell to the Purchaser, certain assets of the Sellers relating to the Business. 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). Changes of ownership may or may not affect your property taxes depending on whether the conveyance is considered a transfer of ownership.