A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller.Buying or selling a Maryland business? In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. You must allocate the total purchase price to the specific assets acquired. The amount allocated to each asset becomes the initial tax basis of that asset. An experienced Maryland business transactions attorney can draft a Purchase and Sale Agreement that is tailored to the individual transaction.