Emulating Identity Tool in ArcGIS Desktop with Basic level license?

I work at several different companies each with different license levels of ArcGIS. I got used to using the Identity tool at a company which had access to the ArcGIS Desktop Advanced license. However, after switching to another company with only the Standard license, where the Identity tool is not available, I'd like to build a model or script which has the same functionality. Is there a workflow which will give me the same results as the Identity tool in the Standard license?

I'd like to stay away from third party tools. I wish to incorporate this into a python script, or ModelBuilder model.

Answer

If you use the Union tool instead you will be able to easily identify those parts which Identity would not have retained. You can then use the Select tool to retain the same polygons that Identity would have.

You will only need a Basic license to do this.