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.This form provides the IRS with a detailed breakdown of how the purchase price is allocated across different asset categories. 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. This is the official New York State Tax Department 2024 Form IT-196-I, Instructions for Form IT-196. Use Form 8949 to report sales and exchanges of capital assets.