A bulk sale occurs outside the normal course of business of a seller. It may involve the sale of inventory, other assets of a business or both.Learn the tax implications for each type of sale. In this article, we discuss what asset sales are, how they work and how to calculate a loss or gain because of an asset sale. 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. This application must be filed at least 20 days before either taking possession of the business assets or paying for them, whichever comes first. A sale of assets worksheet helps you both get organized before you sign a Purchase Agreement. Create your Business Asset Worksheet to get off on the right foot. In a stock purchase transaction, the buyer ("Buyer") purchases all or a substantial portion. A business usually has many assets.