A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. Investments in some non-reportable assets must be made in cash, requiring the sale of the investments before shifting the funds into a non-reportable asset.Apply for the Supplemental Nutrition Assistance Program (SNAP) to help buy healthy food for you and your family when money is tight. An asset purchase agreement is a legal document used when buying or selling a small business. Read on to understand the basics. Line 1: Enter the name, address, and Tax Identification Number (TIN) of the other party (either the purchaser or seller).