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. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity.In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Franchise tax reports are due on May 15 each year. If May 15 falls on a Saturday, Sunday or legal holiday, the next business day becomes the due date. A corporation can make an election to treat a qualifying stock purchase as an asset purchase for federal income tax purposes.