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 Bill of Sale transferring all of the Acquired Assets comprising personal property, in the form attached hereto as Exhibit A;. (b).Below is a general due diligence checklist with the first 8 of 16 items to cover your bases in a business or asset purchase transaction. Section 1.01 Purchase and Sale of Assets. Sample Business Contracts.