In an asset purchase, the purchaser only acquires the assets and liabilities it identifies and agrees to acquire and assume from the seller. Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller.Harris Corporation is a technology startup in its second year of operations. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. A somewhat basic level high level presentation on the nuts and bolts of asset purchase sale transactions. An APA is a legallybinding contract between a buyer and seller that finalizes the terms and conditions of an acquisition. Advantages of an asset purchase.