You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. A forward purchase agreement, also known as a forward contract, is a contract that details the future sale of an asset.A somewhat basic level high level presentation on the nuts and bolts of asset purchase sale transactions. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset. In a forward purchase agreement, the parties enter into a contract to buy or sell an asset at an agreed upon price at a future date. Both the buyer and seller must complete IRS Form 8594 during the sale to report the sale and purchase of business assets.