# Form 8594

URL: https://pdf.net/pdf-forms/tax-forms/form-8594
Category: Tax Forms
Attributes: Trusted by accountants, Official IRS form

IRS Form 8594, or the Asset Acquisition Statement under Section 1060, is a document that should be filed by both buyers and sellers when a group of assets constituting a trade or business is sold.

The paperwork headache doesn’t have to be part of your filing process; not when you can simply open our fillable Form 8594 on pdf.net, enter your allocation, and get the completed file quickly.

## Versions

- 2021 — [download PDF](https://cdn.sanity.io/files/i16te7yp/production/56744e99dc4074e15a9d6841fa123c631968d65d.pdf)

## How to Fill Out Form 8594

1. Open the fillable Form 8594.
2. Enter buyer, seller, and sale details.
3. Allocate price across the seven Form 8594 classes.
4. Confirm the total matches the sale price.
5. Complete Part III only for later price changes.
6. Save and attach it to your tax return.

## Facts

### What Is Form 8594 Used For?

IRS Form 8594 is used for reporting how the consideration paid in a qualifying business asset sale is allocated among seven asset classes. Both the buyer and seller generally file the form so the IRS can compare their reported allocations. Form 8594 transaction costs may affect the parties’ tax calculations, but they are not automatically included in its purchase-price allocation.

### Who Should Use Form 8594?

Both the buyer and seller should use Form 8594 when a group of assets constituting a trade or business is sold, the buyer’s basis depends on the purchase price, and goodwill or going-concern value attaches or could attach. This can include small-business, professional-practice, and corporate asset sales.

### When Is Form 8594 Due?

There’s no separate Form 8594 due date. Both parties generally attach it to their income tax returns for the year in which the sale occurred and file it by the applicable return deadline, including extensions. For calendar-year filers, this is generally March 15 for S corporations and partnerships, and April 15 for C corporations and individual taxpayers.

### What Happens If Form 8594 Is Not Submitted?

If Form 8594 is not submitted, there may be information-return penalties unless the taxpayer can establish reasonable cause. Inconsistent allocations reported by the buyer and seller may also attract IRS scrutiny and lead to adjustments, additional tax, interest, or other applicable penalties.

### How and Where Do I File Form 8594?

You file Form 8594 by attaching it to whichever income tax return you submit (Form 1040, 1120, 1120-S, 1065, or 1041) and mail or e-file the return as usual. You should also keep a printable copy of Form 8594 for your records, since the buyer and seller don't submit it to each other, only to the IRS.