The new tax law can change your tax bill if you're planning to trade in a business vehicle for a new one. Here's what to know.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. Please fill out the form below and we will contact you to set up a meeting or call with a PKF Texas team member. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. To be eligible, the trade-in must be taken as part of the same sales transaction and transferred directly to the seller. Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets. It is used to report the sale or exchange of assets that were used in your Trader business.