The buyer's consideration is the cost of the assets acquired. The buyer of business assets and the seller must independently report to the IRS the purchase price allocations that both use.Once you have a general agreement with the buyer, the buyer usually drafts and signs a non-binding letter of intent. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. 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.