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. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price.This form includes the business name and location, a description of assets, cost and acquisition dates, and an opinion of value for business personal property. You will need to allocate the amount reflected on form 8594 among all the assets. A typical method is to allocate the proceeds based on the original cost. The Tax Office collects fees for a variety of state and local government agencies and proudly registers voters in Travis County!