In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity.A business usually has many assets. In this article, we discuss what asset sales are, how they work and how to calculate a loss or gain because of an asset sale. Solved: Hi, Could anyone send me the configuration steps for the Asset sale with customer? 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. Both the buyer and seller must complete IRS Form 8594 during the sale to report the sale and purchase of business assets.