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.This application must be filed at least 20 days before either taking possession of the business assets or paying for them, whichever comes first. Why must sales tax and freight and installation costs be included in the reported cost? Does your business sell to the general public? âś“ Complete IRS Form 8594 Asset Acquisition. Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets.