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Screen 8594 - Asset Acquisition Statement (1040)
General Information
Use this screen to report the sale of a group of assets that make up a trade or business. The purchaser’s basis in assets is determined wholly by the amount paid. A separate Form 8594 is created for each unit. For an acquisition in the current year, the information automatically proformas in case an amendment is necessary the following year.
City, state, zip code
If you're filing this return electronically and the taxpayer has a foreign address, select
Foreign Address
in State
. (This is the first selection.)Foreign country code/name
If you enter data in this field, also select
. Foreign Address
in State
. (This is the first selection.)Foreign province/county
Enter the foreign postal code and the name of the foreign province or county. If the party has a foreign address, select
Foreign Address
in State
. (This is the first selection.) This field contains a linked custom fieldview, which lets you enter data automatically in the related Foreign country
field.Date of sale
This field is mandatory.
Total sales price (Force)
The total sales price calculates automatically based on data in
Purchaser and seller provided allocation of sales price
. Leave Total sales price
blank unless you want to override (force) the amount calculated on Form 8594, Page 1, Part II.Assets Transferred
Use this section only if filing an original statement.
Buyer and seller agreement entered into and maximum amount of consideration paid
Enter the type of agreement and the maximum amount of consideration (not including interest) paid or to be paid under the agreement for Form 8594, line 6. Examples of types of agreements are licenses or covenants not to compete; lease agreements; employment contracts; and management contracts.
Supplemental Statement
Use this section to create a supplemental statement only if amending an original or previously filed statement due to an increase or decrease in consideration.