When buying the assets of a business, some are subject to sales or use tax, while others are not. Items subject to retail sales tax.A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. When you sell your business, you may need to report all or part of the sale on your excise tax return. Also, you may be required to collect retail sales tax. Both buyer and seller need to know if they are on the same page regarding important details of the transaction, such as structure (i.e. Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller. 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. How Much Does a Asset Purchase Agreement Cost? The average cost (i.e.