Form 8594 – Fill Out and Use This PDF

The Form 8594, Asset Acquisition Statement, is a vital document required by the Internal Revenue Service for reporting the sale and purchase of a group of assets that constitute a business. It serves under Section 1060 of the Internal Revenue Code, providing a structured way to allocate the total sales price among various asset classes, which can have significant tax implications for both the buyer and the seller. To simplify this reporting process and ensure compliance with the IRS, click the button below to fill out your Form 8594.

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Form 8594 PDF Details

In the complex landscape of business transactions, the use of Form 8594, Asset Acquisition Statement, emerges as a crucial element for both buyers and sellers navigating the acquisition process. Mandated by the Internal Revenue Service (IRS) and relevant under Section 1060 of the Revenue Code, this form serves as a comprehensive declaration attached to one's income tax return after the sale of business assets. It meticulously records the sale's total consideration alongside the meticulous allocation of sales price across various asset classes, from tangible goods to intellectual property. The significance of Form 8594 is further underscored by its requirement for both parties to agree on the fair market value allocations documented, ensuring transparency and uniformity in tax reporting. Moreover, it plays a pivotal role in scenarios where additional agreements, like non-compete clauses or employment contracts, accompany the asset acquisition, requiring detailed attachments that elaborate on the agreements made. As the form also accommodates adjustments through subsequent amendments, it ensures that changes in consideration or asset valuation post-sale are accurately reflected. Designed for attachment to one's income tax return, the latest iteration of Form 8594, dated November 2021, is accessible via the IRS website, emphasizing the government's push for accessibility and compliance ease.

Question	Answer
Form Name	Form 8594
Form Length	2 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	30 sec
Other names	Form 8594 (Rev. November 2021). Asset Acquisition Statement Under Section 1060

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Form 8594				Asset Acquisition Statement				OMB No. 1545-0074
				Asset Acquisition Statement				OMB No. 1545-0074
				Under Section 1060
(Rev. November 2021)				▶ Attach to your income tax return.				Attachment
Department of the Treasury				▶ Attach to your income tax return.				Attachment
Department of the Treasury				▶ Go to WWW.IRS.GOV/FORM8594 for instructions and the latest information.				Sequence No. 169
Internal Revenue Service								Sequence No. 169
	Name as shown on return						Identifying number as shown on return

	Check the box that identifies you:
	Purchaser			Seller

Part I		General Information
1 Name of other party to the transaction							Other party’s identifying number

	Address (number, street, and room or suite no.)

	City or town, state, and ZIP code

2	Date of sale				3 Total sales price (consideration)

Part II		Original Statement of Assets Transferred
4	Assets			Aggregate fair market value (actual amount for Class I)			Allocation of sales price

Class I			$			$
Class II			$			$
Class III			$			$
Class IV			$			$
Class V			$			$
Class VI and VII			$			$
Total			$			$

5Did the purchaser and seller provide for an allocation of the sales price in the sales contract or in another

written document signed by both parties? . . . . . . . . . . . . . . . . . . . . .

If “Yes,” are the aggregate fair market values (FMV) listed for each of asset Classes I, II, III, IV, V, VI, and VII the amounts agreed upon in your sales contract or in a separate written document? . . . . . . . .

Yes

6In the purchase of the group of assets (or stock), did the purchaser also purchase a license or a covenant

not to compete, or enter into a lease agreement, employment contract, management contract, or similar arrangement with the seller (or managers, directors, owners, or employees of the seller)? . . . . . .

If “Yes,” attach a statement that specifies (a) the type of agreement and (b) the maximum amount of consideration (not including interest) paid or to be paid under the agreement. See instructions.

Yes

For Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 63768Z

Form 8594 (Rev. 11-2021)

Page 2

Part III Supplemental Statement—Complete only if amending an original statement or previously filed supplemental statement because of an increase or decrease in consideration. See instructions.

7Tax year and tax return form number with which the original Form 8594 and any supplemental statements were filed.

8	Assets		Allocation of sales price as previously reported	Increase or (decrease)	Redetermined allocation of sales price

Class I		$		$	$
Class II		$		$	$
Class III		$		$	$
Class IV		$		$	$
Class V		$		$	$
Class VI and VII		$		$	$
Total		$			$

9Reason(s) for increase or decrease. Attach additional sheets if more space is needed.

Form 8594 (Rev. 11-2021)

How to Edit Form 8594 Online for Free

Working with PDF files online is certainly a breeze using our PDF editor. Anyone can fill out Form 8594 here in a matter of minutes. Our editor is consistently developing to give the best user experience possible, and that is due to our resolve for constant development and listening closely to user opinions. With a few easy steps, you'll be able to start your PDF editing:

Step 1: Just hit the "Get Form Button" above on this site to see our pdf editing tool. There you'll find everything that is needed to fill out your file.

Step 2: As you launch the file editor, you will see the document prepared to be filled out. Other than filling out different fields, you can also do several other actions with the PDF, including writing any textual content, changing the initial text, inserting graphics, placing your signature to the document, and more.

This document will involve some specific information; in order to ensure accuracy, you need to take note of the next tips:

1. It's important to complete the Form 8594 accurately, therefore pay close attention while filling out the sections comprising all these blank fields:

Form 8594 completion process explained (portion 1)

2. Soon after this selection of fields is completed, go on to enter the suitable information in all these - Class V, Class VI and VII, Total, Did the purchaser and seller, If Yes are the aggregate fair, In the purchase of the group of, Yes, Yes, Yes, If Yes attach a statement that, For Paperwork Reduction Act Notice, Cat No Z, and Form Rev.

3. This next stage is going to be straightforward - complete all of the form fields in Tax year and tax return form, Assets, Allocation of sales price as, Increase or decrease, Redetermined allocation of sales, Class I, Class II, Class III, Class IV, Class V, Class VI and VII, Total, and Reasons for increase or decrease to complete this segment.

Form 8594 writing process explained (stage 3)

4. This fourth subsection comes next with all of the following fields to focus on: .

You can certainly make a mistake when filling out your this field, for that reason ensure that you go through it again before you'll finalize the form.

Step 3: After proofreading your fields and details, hit "Done" and you're good to go! Get the Form 8594 once you register here for a free trial. Easily access the pdf inside your FormsPal account page, together with any modifications and adjustments being automatically kept! We do not share the information you type in whenever filling out documents at our site.

Form 8594 – Fill Out and Use This PDF

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