(1) This section applies for the purposes of calculating the * TC control interest that an entity holds in a company, trust or partnership.
(2) Disregard a * TC indirect control interest held by the entity to the extent to which it is calculated by reference to:
(a) a * TC direct control interest taken into account under paragraph 820 - 815(c); or
(b) a TC indirect control interest taken into account under paragraph 820 - 815(d).
(3) Disregard a * TC indirect control interest held by an * associate entity of the entity to the extent to which it is calculated by reference to:
(a) a * TC direct control interest taken into account under paragraph 820 - 815(a) or (c); or
(b) a TC indirect control interest taken into account under paragraph 820 - 815(b) or (d).
(3A) Subsection (3) does not apply to an * associate entity of the entity if:
(a) the associate entity is a * foreign entity and the associate entity is such an associate entity only because of subsection 820 - 905(3A); or
(b) the associate entity is such an associate entity only because of subsection 820 - 905(3B).
(4) Take into account only one of the following things if both would otherwise be counted in calculating the * TC control interest:
(a) the holding of a * TC direct control interest by the entity or any other entity;
(b) an entitlement to acquire that TC direct control interest.
(5) The operation of this section in relation to an entity does
not prevent the operation of section 820 - 825 in relation to a group
of entities that includes that entity.