A general understanding of intangible assets as assets that do not have a physical form—patents, trade names, software, etc. I was also aware of companies buying competitors to take competing products off the market. FASB codification 350-30-55 specifically discusses defensive intangible assets held by a company that is not intended to be used in the course of business but will be used to prevent others from using the assets as defensive intangible assets. To expand on my earlier example, a software company may purchase another company to take a competing product off the market. Assessing the value of the defensive asset would be calculated by the direct or indirect benefit blocking the use of that asset would have on the company's revenues. I find it interesting that defensive assets are specifically listed separately from other intangible assets. I assume that defensive asset valuation methods are why these assets would be tracked independently from other intangibles. I sometimes feel that the ability of companies to buy assets to remove them from the market is counterproductive to consumers. Does anyone think that this business tactic is beneficial to the market?

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