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.When you sell your business, you may need to report all or part of the sale on your excise tax return. Also, you may be required to collect retail sales tax. Form 4797 is used to report gains made from the sale or exchange of business property, including but not limited to property used to generate rental income. Sale or Close of Business Reporting Form (PDF). Comprehensive guide on How to sell your business in Washington State. Successfully sell your company in the Pacific Northwest. How do I file my Personal Property Asset Listing? Personal property asset listings can be electronically filed through the county assessor's website.