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. 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). 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. The Form 8594 accounted for only five classes of assets. See. Attachment A (revised Form 8594). 6. IRS Form 8594 only requires a breakdown of asset value into seven categories, designated as "Classes I through VII.