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. 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.â–· Attach to your income tax return. A major difference between partnerships and S corporations involves the treatment of distributions of appreciated property. 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. One such scam involves fake property liens. It threatens taxpayers with a tax bill from a fictional government agency. You are required to make to the Court, under oath, a FULL DISCLOSURE of your income, net worth and financial condition on this form. Fulton Bank also has the option to purchase all bank branches and corporate locations in the future.