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. Use Form 4797 to report: The sale or exchange of property.The involuntary conversion of property and capital assets. Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer. Find forms relevant to the County Clerk's Office. 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.