diff --git a/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-call-second-function-which-captures-maybe-mutable-value-dont-preserve-memoization.expect.md b/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-call-second-function-which-captures-maybe-mutable-value-dont-preserve-memoization.expect.md
new file mode 100644
index 0000000000..f3bbcc346b
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-call-second-function-which-captures-maybe-mutable-value-dont-preserve-memoization.expect.md
@@ -0,0 +1,84 @@
+
+## Input
+
+```javascript
+// @enablePreserveExistingMemoizationGuarantees:false
+import { useCallback } from "react";
+import {
+  identity,
+  logValue,
+  makeObject_Primitives,
+  useHook,
+} from "shared-runtime";
+
+function Component(props) {
+  const object = makeObject_Primitives();
+
+  useHook();
+
+  const log = () => {
+    logValue(object);
+  };
+
+  const onClick = useCallback(() => {
+    log();
+  }, [log]);
+
+  identity(object);
+
+  return <div onClick={onClick} />;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
+
+```
+
+## Code
+
+```javascript
+// @enablePreserveExistingMemoizationGuarantees:false
+import { useCallback, unstable_useMemoCache as useMemoCache } from "react";
+import {
+  identity,
+  logValue,
+  makeObject_Primitives,
+  useHook,
+} from "shared-runtime";
+
+function Component(props) {
+  const $ = useMemoCache(1);
+  const object = makeObject_Primitives();
+
+  useHook();
+
+  const log = () => {
+    logValue(object);
+  };
+
+  const onClick = () => {
+    log();
+  };
+
+  identity(object);
+  let t0;
+  if ($[0] === Symbol.for("react.memo_cache_sentinel")) {
+    t0 = <div onClick={onClick} />;
+    $[0] = t0;
+  } else {
+    t0 = $[0];
+  }
+  return t0;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
+
+```
+      
+### Eval output
+(kind: ok) <div></div>
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-call-second-function-which-captures-maybe-mutable-value-dont-preserve-memoization.js b/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-call-second-function-which-captures-maybe-mutable-value-dont-preserve-memoization.js
new file mode 100644
index 0000000000..5f6716fb19
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-call-second-function-which-captures-maybe-mutable-value-dont-preserve-memoization.js
@@ -0,0 +1,31 @@
+// @enablePreserveExistingMemoizationGuarantees:false
+import { useCallback } from "react";
+import {
+  identity,
+  logValue,
+  makeObject_Primitives,
+  useHook,
+} from "shared-runtime";
+
+function Component(props) {
+  const object = makeObject_Primitives();
+
+  useHook();
+
+  const log = () => {
+    logValue(object);
+  };
+
+  const onClick = useCallback(() => {
+    log();
+  }, [log]);
+
+  identity(object);
+
+  return <div onClick={onClick} />;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
diff --git a/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-call-second-function-which-captures-maybe-mutable-value-preserve-memoization.expect.md b/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-call-second-function-which-captures-maybe-mutable-value-preserve-memoization.expect.md
new file mode 100644
index 0000000000..874a4120eb
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-call-second-function-which-captures-maybe-mutable-value-preserve-memoization.expect.md
@@ -0,0 +1,84 @@
+
+## Input
+
+```javascript
+// @enablePreserveExistingMemoizationGuarantees
+import { useCallback } from "react";
+import {
+  identity,
+  logValue,
+  makeObject_Primitives,
+  useHook,
+} from "shared-runtime";
+
+function Component(props) {
+  const object = makeObject_Primitives();
+
+  useHook();
+
+  const log = () => {
+    logValue(object);
+  };
+
+  const onClick = useCallback(() => {
+    log();
+  }, [log]);
+
+  identity(object);
+
+  return <div onClick={onClick} />;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
+
+```
+
+## Code
+
+```javascript
+// @enablePreserveExistingMemoizationGuarantees
+import { useCallback, unstable_useMemoCache as useMemoCache } from "react";
+import {
+  identity,
+  logValue,
+  makeObject_Primitives,
+  useHook,
+} from "shared-runtime";
+
+function Component(props) {
+  const $ = useMemoCache(1);
+  const object = makeObject_Primitives();
+
+  useHook();
+
+  const log = () => {
+    logValue(object);
+  };
+
+  const onClick = () => {
+    log();
+  };
+
+  identity(object);
+  let t0;
+  if ($[0] === Symbol.for("react.memo_cache_sentinel")) {
+    t0 = <div onClick={onClick} />;
+    $[0] = t0;
+  } else {
+    t0 = $[0];
+  }
+  return t0;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
+
+```
+      
+### Eval output
+(kind: ok) <div></div>
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-call-second-function-which-captures-maybe-mutable-value-preserve-memoization.js b/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-call-second-function-which-captures-maybe-mutable-value-preserve-memoization.js
new file mode 100644
index 0000000000..19f5858623
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-call-second-function-which-captures-maybe-mutable-value-preserve-memoization.js
@@ -0,0 +1,31 @@
+// @enablePreserveExistingMemoizationGuarantees
+import { useCallback } from "react";
+import {
+  identity,
+  logValue,
+  makeObject_Primitives,
+  useHook,
+} from "shared-runtime";
+
+function Component(props) {
+  const object = makeObject_Primitives();
+
+  useHook();
+
+  const log = () => {
+    logValue(object);
+  };
+
+  const onClick = useCallback(() => {
+    log();
+  }, [log]);
+
+  identity(object);
+
+  return <div onClick={onClick} />;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
diff --git a/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-set-ref-value-dont-preserve-memoization.expect.md b/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-set-ref-value-dont-preserve-memoization.expect.md
new file mode 100644
index 0000000000..d205081829
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-set-ref-value-dont-preserve-memoization.expect.md
@@ -0,0 +1,69 @@
+
+## Input
+
+```javascript
+// @enablePreserveExistingMemoizationGuarantees
+import { useCallback, useRef } from "react";
+
+function Component(props) {
+  const ref = useRef(null);
+
+  const onChange = useCallback((event) => {
+    // The ref should still be mutable here even though function deps are frozen in
+    // @enablePreserveExistingMemoizationGuarantees mode
+    ref.current = event.target.value;
+  });
+
+  return <input onChange={onChange} />;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
+
+```
+
+## Code
+
+```javascript
+// @enablePreserveExistingMemoizationGuarantees
+import {
+  useCallback,
+  useRef,
+  unstable_useMemoCache as useMemoCache,
+} from "react";
+
+function Component(props) {
+  const $ = useMemoCache(3);
+  const ref = useRef(null);
+  let t0;
+  if ($[0] === Symbol.for("react.memo_cache_sentinel")) {
+    t0 = (event) => {
+      ref.current = event.target.value;
+    };
+    $[0] = t0;
+  } else {
+    t0 = $[0];
+  }
+  const onChange = t0;
+  let t1;
+  if ($[1] !== onChange) {
+    t1 = <input onChange={onChange} />;
+    $[1] = onChange;
+    $[2] = t1;
+  } else {
+    t1 = $[2];
+  }
+  return t1;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
+
+```
+      
+### Eval output
+(kind: ok) <input>
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-set-ref-value-dont-preserve-memoization.js b/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-set-ref-value-dont-preserve-memoization.js
new file mode 100644
index 0000000000..f9e5c9b171
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-set-ref-value-dont-preserve-memoization.js
@@ -0,0 +1,19 @@
+// @enablePreserveExistingMemoizationGuarantees
+import { useCallback, useRef } from "react";
+
+function Component(props) {
+  const ref = useRef(null);
+
+  const onChange = useCallback((event) => {
+    // The ref should still be mutable here even though function deps are frozen in
+    // @enablePreserveExistingMemoizationGuarantees mode
+    ref.current = event.target.value;
+  });
+
+  return <input onChange={onChange} />;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
diff --git a/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-set-ref-value-preserve-memoization.expect.md b/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-set-ref-value-preserve-memoization.expect.md
new file mode 100644
index 0000000000..d205081829
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-set-ref-value-preserve-memoization.expect.md
@@ -0,0 +1,69 @@
+
+## Input
+
+```javascript
+// @enablePreserveExistingMemoizationGuarantees
+import { useCallback, useRef } from "react";
+
+function Component(props) {
+  const ref = useRef(null);
+
+  const onChange = useCallback((event) => {
+    // The ref should still be mutable here even though function deps are frozen in
+    // @enablePreserveExistingMemoizationGuarantees mode
+    ref.current = event.target.value;
+  });
+
+  return <input onChange={onChange} />;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
+
+```
+
+## Code
+
+```javascript
+// @enablePreserveExistingMemoizationGuarantees
+import {
+  useCallback,
+  useRef,
+  unstable_useMemoCache as useMemoCache,
+} from "react";
+
+function Component(props) {
+  const $ = useMemoCache(3);
+  const ref = useRef(null);
+  let t0;
+  if ($[0] === Symbol.for("react.memo_cache_sentinel")) {
+    t0 = (event) => {
+      ref.current = event.target.value;
+    };
+    $[0] = t0;
+  } else {
+    t0 = $[0];
+  }
+  const onChange = t0;
+  let t1;
+  if ($[1] !== onChange) {
+    t1 = <input onChange={onChange} />;
+    $[1] = onChange;
+    $[2] = t1;
+  } else {
+    t1 = $[2];
+  }
+  return t1;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
+
+```
+      
+### Eval output
+(kind: ok) <input>
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-set-ref-value-preserve-memoization.js b/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-set-ref-value-preserve-memoization.js
new file mode 100644
index 0000000000..f9e5c9b171
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-forget/src/__tests__/fixtures/compiler/useCallback-set-ref-value-preserve-memoization.js
@@ -0,0 +1,19 @@
+// @enablePreserveExistingMemoizationGuarantees
+import { useCallback, useRef } from "react";
+
+function Component(props) {
+  const ref = useRef(null);
+
+  const onChange = useCallback((event) => {
+    // The ref should still be mutable here even though function deps are frozen in
+    // @enablePreserveExistingMemoizationGuarantees mode
+    ref.current = event.target.value;
+  });
+
+  return <input onChange={onChange} />;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
diff --git a/compiler/packages/sprout/src/shared-runtime.ts b/compiler/packages/sprout/src/shared-runtime.ts
index 8f1133713f..9ccba51bbb 100644
--- a/compiler/packages/sprout/src/shared-runtime.ts
+++ b/compiler/packages/sprout/src/shared-runtime.ts
@@ -153,6 +153,10 @@ export function throwInput(x: Object): never {
   throw x;
 }
 
+export function logValue<T>(value: T): void {
+  console.log(value);
+}
+
 export function useHook(): Object {
   return makeObject_Primitives();
 }