Form 8594 must also be filed if the purchaser or seller is amending an original or a previously filed supplemental Form. 8594 because of an increase or decrease.The form serves as a record for the IRS, detailing how the purchase price is allocated among various assets to reflect their fair market value. According to section 1060 of the Internal Revenue Code, the IRS requires that you fill out and file Form 8594 when you're buying or selling a business. Learn how to file form 8594 and when to file. The tax professional who comes into contact with such a situation should consider the need to file Form 8594, or to revise the valuation of specific assets. The information that must be reported on Form 8594 includes the following: 1. Generally, both the buyer and seller are required to file Form 8594, Asset Acquisition Statement, provided the sale meets the following two conditions:.