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. When you trade in an old vehicle as part of the purchase, the trade-in value reduces the cost of the new vehicle, increasing the deduction you can take. 2.Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. Download IRS Tax Form 4797 with instructions. Bystep guide for accurate reporting of business property sales ensuring IRS compliance. Refer to the Capital Asset Internal Sale Input Form Procedures for information on how to complete the Internal Sale Input Form (MLFA-006). Solved: Hello, would gladly appreciate any help with a Journal entry for purchase of new Vehicle. Whether you are buying a business in Arizona or selling a business in Arizona, it is NOT a form transaction. Disposal Process for Vehicle Sales: Written Notice of Intent. Subrecipient agency must complete and submit a vehicle disposal request form.