Notifying the Tax Department. The return should include the tax due from business operations to the last day of business, as well as any tax collected on assets that you sell.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. FORM NYCRPT Real Property Transfer. Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets. Asset sales typically generate higher federal taxes because many types of assets are subject to higher ordinary income tax rates. (depends on seller's bracket). The PDF version of these forms are FILLABLE.