diff --git a/read.c b/read.c
index 5de5a483..b870aa85 100644
--- a/read.c
+++ b/read.c
@@ -724,9 +724,6 @@ eval (struct ebuffer *ebuf, int set_default)
           struct variable *v;
           enum variable_origin origin = vmod.override_v ? o_override : o_file;
 
-          /* Variable assignment ends the previous rule.  */
-          record_waiting_files ();
-
           /* If we're ignoring then we're done now.  */
           if (ignoring)
             {
@@ -735,6 +732,9 @@ eval (struct ebuffer *ebuf, int set_default)
               continue;
             }
 
+          /* Variable assignment ends the previous rule.  */
+          record_waiting_files ();
+
           if (vmod.undefine_v)
           {
             do_undefine (p, origin, ebuf);
diff --git a/tests/scripts/features/conditionals b/tests/scripts/features/conditionals
index 2ece60bb..78344b93 100644
--- a/tests/scripts/features/conditionals
+++ b/tests/scripts/features/conditionals
@@ -141,6 +141,22 @@ all: ; @:',
               '',
               'success');
 
+# SV 47960 : ensure variable assignments in non-taken legs don't cause problems
+run_make_test('
+ifneq ($(FOO),yes)
+target:
+else
+BAR = bar
+target:
+endif
+	@echo one
+',
+              '', "one\n");
+
 
 # This tells the test driver that the perl test script executed properly.
 1;
+
+### Local Variables:
+### eval: (setq whitespace-action (delq 'auto-cleanup whitespace-action))
+### End: