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Both the seller and the buyer are required by law to file Form 8594 with the IRS. IRS Form 8594 requires that both parties allocate the purchase price among the various assets of the business being purchased so the seller can calculate the taxes due upon the sale and the buyer can calculate the new basis in the assets.
Generally, both the purchaser and seller must file Form 8594 and attach it to their income tax returns (Forms 1040, 1041, 1065, 1120, 1120-S, etc.)
Form 5305-A may be used to establish the IRA custodial account for a nonworking spouse. Contributions to an IRA custodial account for a nonworking spouse must be made to a separate IRA custodial account established by the nonworking spouse.
Use Form 3903 to figure your moving expense deduction for a move related to the start of work at a new principal place of work (workplace). If the new workplace is outside the United States or its possessions, you must be a U.S. citizen or resident alien to deduct your expenses.
To submit Form 8594, complete the form by filling out the required sections, including your name, taxpayer identification number (TIN), and information about the other party involved in the transaction. Attach Form 8594 to your income tax return for the year in which the sale of the assets occurred.
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Use this form to figure your qualified business income deduction. Use separate Schedules A, B, C, and/or D, as appropriate, to help calculate the deduction.
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 if goodwill or going concern value attaches, or could attach, to such assets and if the purchasers basis in the assets is determined only by the amount paid for the assets.
The following tax forms are typically used when selling a business: Form 8594, Asset Acquisition Statement. Form 4797, Sales of Business Property.

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