If immediately before the * IVS time the * gaining entity is a company or trust (except one listed in section 727- 125 (about superannuation entities)), these are the affected interests in the gaining entity:
(a) each * equity or loan interest that an * affected owner owns in the gaining entity immediately before the * IVS time; and
(b) each equity or loan interest that:
(i) an affected owner owns in another affected owner immediately before the IVS time; and
(ii) is an * indirect equity or loan interest in the gaining entity;
(except one covered by an exception in section 727-470).