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 Vs Form 8883 In Illinois
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Multi-State
Control #:
US-00418
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Word;
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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 treated as an information return and failure to file this form when required triggers a penalty under I.R.C.. §6721(a) and (b).Unless Seller elects the installment method or is eligible for the "open transaction" method, Seller must use the "closed transaction" method. You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. Form 8883 generally serves the same purpose as Form 8594, Asset Acquisition Statement.