If the business you are buying includes business assets such as furniture or office equipment, you must pay sales tax on them. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price.The city could impose its corporate tax on the gain on the sale of a partnership interest in a partnership that did business in New York City. Both the buyer and seller must complete IRS Form 8594 during the sale to report the sale and purchase of business assets. With an asset sale, the corporation's tax identity does not transfer to the purchaser.