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. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity.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. The seller and the buyer each use Form 8594 to allocate the assets among seven asset categories. Allocation is based on the fair market value. There are no forms for filing a conversion in Georgia. You will need to prepare your own certificate of conversion in compliance with the Georgia Code. In order to apply the withholding to the gain, the seller must complete form IT-. For 2024, you will use Form 1040 or, if you were born before January 2, 1960, you have the option to use. Each subsidiary member included in the consolidated return must complete Form.