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. Today's goal is to help you understand the importance of IRS Tax Form 8594 in preparing for sale of your business to a third party…A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. 1. Gather necessary documentation for the asset sale. IRS Form 8594 walkthrough (Asset Acquisition Statement under IRC Section 1060).