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. Generally, attach Form 8594 to your income tax return for the year in which the sale date occurred.Detailed Instructions for Filling Out Form 8594: Asset Acquisition Statement Clauses. 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. 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. In an asset sale, Seller and Acquiror each must complete Form 8594, Asset Acquisition Statement. Under Section 1060 (Rev. Feb. Read the 571-L form and instructions thoroughly!