A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. Proof of ownership MCO, foreign registration or outofstate title. 2.Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller. Your local credit union - offering personal and business banking solutions from checking and savings accounts, loans, mortgage options, and more! Are you thinking about buying a business? Learn everything you need to know when deciding between an asset purchase vs. 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. Find out how much you'll pay in Virginia state income taxes given your annual income. Customize using your filing status, deductions, exemptions and more.