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.
Asset Business Sale Form With Payments In Travis
Category:
State:
Multi-State
County:
Travis
Control #:
US-00418
Format:
Word;
Rich Text
Instant download
Description
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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. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price.This form includes the business name and location, a description of assets, cost and acquisition dates, and an opinion of value for business personal property. You will need to allocate the amount reflected on form 8594 among all the assets. A typical method is to allocate the proceeds based on the original cost. The Tax Office collects fees for a variety of state and local government agencies and proudly registers voters in Travis County!