Hi BrianHarvey_W,
Based on your description, I tested your issue in my own environment and I got the same result. And I also tested VLOOKUP function, but it worked fine in Excel. Then I tested a formular contain VLOOKUP and OFFSET, Trace Dependents didn't work again.
It seems that this is a known issue in Excel. You can refer to this similar issue, and there is a MVP in this link said >>for some reason the OFFSET function interferes with Trace Dependents<<:
http://www.mrexcel.com/forum/excel-questions/649354-cant-trace-dependents-why.html
Please Note: Since the web site is not hosted by Microsoft, the link may change without notice. Microsoft does not guarantee the accuracy of this information.
In facet the function in excel is a code which was created by developers of Office. As the end users we dont know the computational mode and process, we only get the results.
Hope it's helpful.
Regards,
Emi Zhang
TechNet Community Su