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. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity.The buyer of business assets and the seller must independently report to the IRS the purchase price allocations that both use. When buying the assets of a business, some are subject to sales or use tax, while others are not. Items subject to retail sales tax. Purchaser shall also pay at Closing any and all amounts due to the State of Washington that are associated with the sale under this Agreement,.