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.In person: Visit one of office locations to complete the Business Property Statement. Form 4797 is used for taxpayers to categorize the property they've sold, whether it's rental property, business property, or other types of assets. Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer. The documents you need to buy or sell a business depend on the structure (discussed here) and complexity of the deal as well as its specific terms. Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets.