diff --git a/tccpp.c b/tccpp.c
index a72f29e5..815ffe46 100644
--- a/tccpp.c
+++ b/tccpp.c
@@ -3424,7 +3424,8 @@ static int macro_subst_tok(
             for(;;) {
                 do {
                     next_argstream(nested_list, NULL);
-                } while (is_space(tok) || TOK_LINEFEED == tok);
+                } while (tok == TOK_PLCHLDR || is_space(tok) ||
+			 TOK_LINEFEED == tok);
     empty_arg:
                 /* handle '()' case */
                 if (!args && !sa && tok == ')')
diff --git a/tests/tcctest.c b/tests/tcctest.c
index eef1c4a2..e58a97fc 100644
--- a/tests/tcctest.c
+++ b/tests/tcctest.c
@@ -115,6 +115,9 @@ static int onetwothree = 123;
 
 #define MACRO_NOARGS()
 
+#define TEST_CALL(f, ...) f(__VA_ARGS__)
+#define TEST_CONST()      123
+
 #define AAA 3
 #undef AAA
 #define AAA 4
@@ -223,6 +226,8 @@ void macro_test(void)
 
     MACRO_NOARGS();
 
+    printf("%d\n", TEST_CALL(TEST_CONST));
+
     /* not strictly preprocessor, but we test it there */
 #ifdef C99_MACROS
     printf("__func__ = %s\n", __func__);