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. IRS Form 8594 walkthrough (Asset Acquisition Statement under IRC Section 1060).1. Gather necessary documentation for the asset sale. Instructions for completing the BPOL application are contained in the BPOL Instructions Sheet. Unravel the complexities of Form 5471 instructions with our comprehensive guide. Did you buy or sell a business during the tax year? If so, you may need to file IRS Form 8594 with your federal tax return.