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.A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. As the buyer of a business, you could be liable for the unpaid taxes of the business. Washington, D.C. : Dept. Form 8594 is an important form that must be filed when a buyer and seller agree to allocate the purchase price of a business to specific assets. An applicable asset acquisition is any transfer of assets constituting a trade or business if the purchaser's basis in the acquired assets is.