This form is an Asset Purchase Agreement. The buyer agrees to purchase from the seller certain assets which are listed in the agreement. The form also provides a listing of certain assets which will be excluded from the sale. The form must be signed in the presence of a notary public.
Form 8594 Examples In California
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State:
Multi-State
Control #:
US-00418
Format:
Word;
Rich Text
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Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. Form 8594 must also be filed if the purchaser or seller is amending an original or a previously filed supplemental Form.8594 because of an increase or decrease. 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. IRS Form 8594 breaks down the assets of the business being purchased or sold into seven classes or categories. The tax professional who comes into contact with such a situation should consider the need to file Form 8594, or to revise the valuation of specific assets. Seller and Purchaser agree to file all information reports and tax returns in a manner consistent with the purchase price allocation set forth on Schedule 1. Form 8594 is the Asset Acquisition Statement, which the buyer and seller must complete and submit to the IRS.