For example, for a SCH C business you'll have the asset entered in the Business Assets section. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price.Determining an asset's basis is important, as basis guides the amount of depreciation taken each year and the gain or loss recognized upon sale of the asset. A business usually has many assets. 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. 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. More than at any time since its opening in 1986, the Javits Center is fulfilling its mission to support New Yorkers.