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.Reach out to us to talk to a mortgage strategist on our staff. Assets over this amount always require third-party verification. This page provides detailed guidance to help local governments in Washington State develop and adopt asset management policies. The process is comprised of four general steps: conversation, letter of intent, definitive documentation and closing. Basis is the amount of your investment in property for tax purposes. Purchaser shall also pay at Closing any and all amounts due to the State of Washington that are associated with the sale under this Agreement,.