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. 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 if goodwill or going concern value.Asset Activity Transmittal Form (AATF) This is a multipurpose form. IRS Form 8594 walkthrough (Asset Acquisition Statement under IRC Section 1060). We're preparing form 8594. There's a non-compete agreement associated with the purchase of business assets, but no value.