A purchaser of the assets of a business will be liable for any unpaid sales tax of the seller, as well as any accrued interest and penalties related thereto. The Ohio sales and use tax applies to the retail sale, lease, and rental of tangible personal property as well as the sale of selected services in Ohio.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. The Department of Purchasing is responsible for procurement for all Cuyahoga County departments, agencies, and elected officials. A somewhat basic level high level presentation on the nuts and bolts of asset purchase sale transactions. The election provides for no GST (or HST in the HST provinces) to be payable in respect of the purchase and sale of the assets and reduces the cash. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price.