Oregon Tax Consultants Practice Exam 2026 – Complete Study Resource

Intangible assets are non-physical assets that have value due to the rights and privileges they confer upon their owner. Goodwill and trademarks are prime examples of intangible assets as they represent the value of brand reputation and consumer loyalty (goodwill) as well as the legal rights associated with brand symbols and names (trademarks). These assets do not have a physical presence, yet they are critical for business operations and market presence.

In contrast, buildings and structures, cash and receivables, and vehicles and equipment are classified as tangible assets because they are physical items that can be touched, seen, and quantified. Tangible assets typically include anything that has a physical form and can be directly utilized in business activities or sold to generate revenue. This distinction highlights the unique nature of intangible assets that rely on legal rights and market perception rather than physical properties.