diff --git a/base/compiler/typeinfer.jl b/base/compiler/typeinfer.jl
index fe84849f15d14..698bf4238f1ef 100644
--- a/base/compiler/typeinfer.jl
+++ b/base/compiler/typeinfer.jl
@@ -367,10 +367,9 @@ end
 function transform_result_for_cache(interp::AbstractInterpreter,
     linfo::MethodInstance, valid_worlds::WorldRange, result::InferenceResult)
     inferred_result = result.src
-    # If we decided not to optimize, drop the OptimizationState now.
-    # External interpreters can override as necessary to cache additional information
     if inferred_result isa OptimizationState{typeof(interp)}
-        inferred_result = ir_to_codeinf!(inferred_result)
+        # TODO respect must_be_codeinf setting here?
+        result.src = inferred_result = ir_to_codeinf!(inferred_result)
     end
     if inferred_result isa CodeInfo
         inferred_result.min_world = first(valid_worlds)
diff --git a/test/compiler/inline.jl b/test/compiler/inline.jl
index 09f32c827f3f9..516dc603367e4 100644
--- a/test/compiler/inline.jl
+++ b/test/compiler/inline.jl
@@ -709,6 +709,27 @@ end
     end
 end
 
+# callsite inlining with cached frames
+issue49823_events = @NamedTuple{evid::Int8, base_time::Float64}[
+    (evid = 1, base_time = 0.0), (evid = -1, base_time = 0.0)]
+issue49823_fl1(t, events) = @inline findlast(x -> x.evid ∈ (1, 4) && x.base_time <= t, events)
+issue49823_fl3(t, events) = @inline findlast(x -> any(==(x.evid), (1,4)) && x.base_time <= t, events)
+issue49823_fl5(t, events) = begin
+    f = let t=t
+        x -> x.evid ∈ (1, 4) && x.base_time <= t
+    end
+    @inline findlast(f, events)
+end
+let src = @code_typed1 issue49823_fl1(0.0, issue49823_events)
+    @test count(isinvoke(:findlast), src.code) == 0 # successful inlining
+end
+let src = @code_typed1 issue49823_fl3(0.0, issue49823_events)
+    @test count(isinvoke(:findlast), src.code) == 0 # successful inlining
+end
+let src = @code_typed1 issue49823_fl5(0.0, issue49823_events)
+    @test count(isinvoke(:findlast), src.code) == 0 # successful inlining
+end
+
 # Issue #42264 - crash on certain union splits
 let f(x) = (x...,)
     # Test splatting with a Union of non-{Tuple, SimpleVector} types that require creating new `iterate` calls