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. A somewhat basic level high level presentation on the nuts and bolts of asset purchase sale transactions.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. This article will discuss ten key considerations that should be taken into account when acquiring the assets of a Canadian business.