On August 1 of year 1, Riverside Corp. (RC), a calendar year taxpayer, acquired the assets of another business in a taxable acquisition.On July 1 of year 1 , Riverside Corporation (RC), a calendaryear taxpayer, acquired the assets of another business in a taxable acquisition. Purchase of Acquired Assets; Assumption of Assumed Liabilities, 2. Asset Purchase Agreements (APAs) are essential documents for asset sales, but they're far more complex than a simple transaction. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. Delegate to the Iowa Board of Regents Executive Director the authority to execute the Asset.