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. Learn about the various tax implications related to selling a business including the two ways to structure a deal Tucson Phoenix AZ.At Phoenix Accounting Services, we specialize in Small Business Tax Accounting and individuals who are Self-Employed. The Business Personal Property Unit assists in the assessment of this type of property. Click the Fund Accounting. Tab. Asset sales are types of business transaction where buyers purchase assets from a business, and the sellers retain legal ownership of the company.