Taking place in Hollywood (8,2)

'taking' is the definition.
The answer and definition can be both to do with ownership as well as being present participle verbs.
Maybe there's an association between them I don't understand?

'place in hollywood' is the wordplay.
I cannot quite understand how this works, but
'place' could be 'stand' (stand is a kind of place) and 'stand' is located in the answer.
'in' is present in the answer.
The remaining letters 'gin' is a valid word which might be clued in a way I don't understand.
This may be the basis of the clue (or it may be nonsense).

Can you help me to learn more?