Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. IRS Form 8594 walkthrough (Asset Acquisition Statement under IRC Section 1060).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. The seller and the buyer each use Form 8594 to allocate the assets among seven asset categories. Allocation is based on the fair market value.