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. 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. IRS Form 8594 walkthrough (Asset Acquisition Statement under IRC Section 1060). Filing Form 8594 protects each party. c. Nontaxable and Partially Taxable Transactions. Form 8594 is an important form that must be filed when a buyer and seller agree to allocate the purchase price of a business to specific assets. The purpose of this section is to prescribe an approach to allocate a lump sum purchase or sales price among various assets purchased or sold. 1. Gather necessary documentation for the asset sale. This document is an Asset Acquisition Statement form that provides information about the purchase or sale of assets between two parties.