For more information or to speak with an attorney about your upcoming asset purchase, please call us in Forest Hills at 718-690-7715. If the business you are buying includes business assets such as furniture or office equipment, you must pay sales tax on them.1.2 Agreement to Purchase. Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller. An APA spells out the conditions and terms under which a seller will transfer all of the assets that belong to the business to a buyer. It should not be read to mean that all asset sales in a particular state will be exempt from tax. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price.