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.Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer. Download Forms and Publications. The purpose of Form 8594 is to determine the treatment of the assets for tax purposes, establish the basis of the acquired assets for the purchaser. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. If you are thinking about purchasing a business from someone, you should be aware of Pennsylvania's Bulk Sale Law. It requires all purchasers to secure from sellers bulk sale clearance certificates. For further assistance, please call (717) 783-6052. Documents.