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. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity.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 if goodwill or going concern value. Fill out all the information referenced above and click on Submit. In an asset purchase, the buyer acquires targeted assets and liabilities from the seller, also known as the target company. What Do I Need to Fill Out Form 4562? How do you take advantage of the Section 179 deduction? The deduction is not automatic. Did you buy or sell a business during the tax year? If so, you may need to file IRS Form 8594 with your federal tax return.