You will need to allocate the amount reflected on form 8594 among all the assets. A typical method is to allocate the proceeds based on the original cost.A business usually has many assets. An asset sale involves the purchase of individual assets and liabilities. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity.