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. 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. Filing Form 8594 protects each party. c. Nontaxable and Partially Taxable Transactions. If you're buying or selling a business, the Internal Revenue Service requires you to complete Form 8594. Use this helpful guide to assist you along the way. To order Form 8594, you may call toll-free 1-800-424-FORM. A copy of the form and its instructions appears below. Included as part of intangibles that we purchased is key personnel valued at 300K.