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. This form provides the IRS with a detailed breakdown of how the purchase price is allocated across different asset categories.Policies and administrative service agreements to Buyer, in a form reasonably acceptable to Buyer which form shall be subject to Buyer's advance review. IRS Form 8594 walkthrough (Asset Acquisition Statement under IRC Section 1060). 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 if goodwill or going concern value. If you sold or exchanged assets used in a trade or business you may need to use Form 4797. The buyer of business assets and the seller must independently report to the IRS the purchase price allocations that both use.