Use Form 8883 to report information about transactions involving the deemed sale of corporate assets under section 338. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity.Unless Seller elects the installment method or is eligible for the "open transaction" method, Seller must use the "closed transaction" method. 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. When closing a business, it is crucial to notify the IRS and resolve any outstanding federal tax obligations. Depending on the type of business, there are different tax types that you will be required to pay.