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. 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. 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 buyer and seller must both file IRS Form 8594, agreeing to allocate the purchase price based on an agreed fair market value. Gains from the sale, exchange or other disposition of any kind of property are taxable under the Pennsylvania personal income tax (PA PIT) law.