Capital asset system is in operation, the government needs to make sure that assets which should be capitalized are properly recorded. There is therefore the option of creating a purchase requisition first, without account assignment.First create nonval material forthe asset to be procured. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. AB. Accounting Document. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset.