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. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity.Generally, attach Form 8594 to your income tax return for the year in which the sale date occurred. The seller and the buyer each use Form 8594 to allocate the assets among seven asset categories. Allocation is based on the fair market value. 1. Gather necessary documentation for the asset sale. We are requesting that you use Adobe Reader to fill out all Purchasing forms. Requires taxpayers to file Form 8594, Asset Acquisition Statement, when there is a transfer in the ownership of a business. Unravel the complexities of Form 5471 instructions with our comprehensive guide.