diff --git a/compiler/backend/src/org/jetbrains/kotlin/codegen/optimization/boxing/BoxingInterpreter.kt b/compiler/backend/src/org/jetbrains/kotlin/codegen/optimization/boxing/BoxingInterpreter.kt
index c5a994fb779..8fc4e84fc7e 100644
--- a/compiler/backend/src/org/jetbrains/kotlin/codegen/optimization/boxing/BoxingInterpreter.kt
+++ b/compiler/backend/src/org/jetbrains/kotlin/codegen/optimization/boxing/BoxingInterpreter.kt
@@ -69,6 +69,19 @@ open class BoxingInterpreter(
 
         return when {
             insn.isBoxing(generationState) -> {
+                /*
+                * It's possible to have chain of several boxings and it's important to retain these boxing methods, consider:
+                *
+                * inline class AsAny(val a: Any)
+                *
+                * fun takeAny(a: Any)
+                *
+                * fun foo() {
+                *   takeAny(AsAny(42)) // valueOf -> AsAny$Erased.box
+                * }
+                *
+                * */
+                values.markBoxedArgumentValues()
                 createNewBoxing(insn, value.type, null)
             }
             insn.isUnboxing(generationState) && firstArg is BoxedBasicValue -> {
@@ -94,16 +107,20 @@ open class BoxingInterpreter(
                 // N-ary operation should be a method call or multinewarray.
                 // Arguments for multinewarray could be only numeric,
                 // so if there are boxed values in args, it's not a case of multinewarray.
-                for (arg in values) {
-                    if (arg is BoxedBasicValue) {
-                        onMethodCallWithBoxedValue(arg)
-                    }
-                }
+                values.markBoxedArgumentValues()
                 value
             }
         }
     }
 
+    private fun List<BasicValue>.markBoxedArgumentValues() {
+        for (arg in this) {
+            if (arg is BoxedBasicValue) {
+                onMethodCallWithBoxedValue(arg)
+            }
+        }
+    }
+
     override fun unaryOperation(insn: AbstractInsnNode, value: BasicValue): BasicValue? {
         checkUsedValue(value)
 
diff --git a/compiler/testData/codegen/bytecodeText/inlineClasses/boxResultInlineClassOfConstructorCall.kt b/compiler/testData/codegen/bytecodeText/inlineClasses/boxResultInlineClassOfConstructorCall.kt
index 1da4603dc88..ae6541870e9 100644
--- a/compiler/testData/codegen/bytecodeText/inlineClasses/boxResultInlineClassOfConstructorCall.kt
+++ b/compiler/testData/codegen/bytecodeText/inlineClasses/boxResultInlineClassOfConstructorCall.kt
@@ -6,11 +6,11 @@ fun test() {
     val a = Result<Int>(1) // valueOf
     val b = Result<String>("sample")
 
-    val c = Result<Result<Int>>(a) // box
-    val d = Result<Result<Int>>(Result<Int>(1)) // valueOf, box
+    val c = Result<Result<Int>>(a)
+    val d = Result<Result<Int>>(Result<Int>(1)) // valueOf
 }
 
-// 2 INVOKESTATIC Result\$Erased.box
+// 0 INVOKESTATIC Result\$Erased.box
 // 0 INVOKEVIRTUAL Result.unbox
 
 // 2 valueOf