The election provides for no GST (or HST in the HST provinces) to be payable in respect of the purchase and sale of the assets and reduces the cash. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price.At its option, Disney may also purchase the Canadian Acquired Assets (as such term is defined in the Asset Purchase Agreement) for additional consideration. Discover the guidance and resources to determine the GST classification of food and nonalcoholic beverage products. A somewhat basic level high level presentation on the nuts and bolts of asset purchase sale transactions.