diff --git a/libraries/chain/apply_context.cpp b/libraries/chain/apply_context.cpp
index 9b92b8d2a1f..de1450013d8 100644
--- a/libraries/chain/apply_context.cpp
+++ b/libraries/chain/apply_context.cpp
@@ -29,81 +29,95 @@ static inline void print_debug(account_name receiver, const action_trace& ar) {
    }
 }
 
-action_trace apply_context::exec_one()
+void apply_context::exec_one( action_trace& trace )
 {
    auto start = fc::time_point::now();
 
+   action_receipt r;
+   r.receiver         = receiver;
+   r.act_digest       = digest_type::hash(act);
+
+   trace.trx_id = trx_context.id;
+   trace.block_num = control.pending_block_state()->block_num;
+   trace.block_time = control.pending_block_time();
+   trace.producer_block_id = control.pending_producer_block_id();
+   trace.act = act;
+   trace.context_free = context_free;
+
    const auto& cfg = control.get_global_properties().configuration;
    try {
-      const auto& a = control.get_account( receiver );
-      privileged = a.privileged;
-      auto native = control.find_apply_handler( receiver, act.account, act.name );
-      if( native ) {
-         if( trx_context.can_subjectively_fail && control.is_producing_block()) {
-            control.check_contract_list( receiver );
-            control.check_action_list( act.account, act.name );
+      try {
+         const auto& a = control.get_account( receiver );
+         privileged = a.privileged;
+         auto native = control.find_apply_handler( receiver, act.account, act.name );
+         if( native ) {
+            if( trx_context.can_subjectively_fail && control.is_producing_block() ) {
+               control.check_contract_list( receiver );
+               control.check_action_list( act.account, act.name );
+            }
+            (*native)( *this );
          }
-         (*native)( *this );
-      }
 
-      if( a.code.size() > 0
-          && !(act.account == config::system_account_name && act.name == N( setcode ) &&
-               receiver == config::system_account_name)) {
-         if( trx_context.can_subjectively_fail && control.is_producing_block()) {
-            control.check_contract_list( receiver );
-            control.check_action_list( act.account, act.name );
+         if( a.code.size() > 0
+             && !(act.account == config::system_account_name && act.name == N( setcode ) &&
+                  receiver == config::system_account_name) ) {
+            if( trx_context.can_subjectively_fail && control.is_producing_block() ) {
+               control.check_contract_list( receiver );
+               control.check_action_list( act.account, act.name );
+            }
+            try {
+               control.get_wasm_interface().apply( a.code_version, a.code, *this );
+            } catch( const wasm_exit& ) {}
          }
-         try {
-            control.get_wasm_interface().apply( a.code_version, a.code, *this );
-         } catch( const wasm_exit& ) {}
-      }
-
-   } FC_RETHROW_EXCEPTIONS(warn, "pending console output: ${console}", ("console", _pending_console_output.str()))
+      } FC_RETHROW_EXCEPTIONS( warn, "pending console output: ${console}", ("console", _pending_console_output.str()) )
+   } catch( fc::exception& e ) {
+      trace.receipt = r; // fill with known data
+      trace.except = e;
+      finalize_trace( trace, start );
+      throw;
+   }
 
-   action_receipt r;
-   r.receiver         = receiver;
-   r.act_digest       = digest_type::hash(act);
    r.global_sequence  = next_global_sequence();
    r.recv_sequence    = next_recv_sequence( receiver );
 
    const auto& account_sequence = db.get<account_sequence_object, by_name>(act.account);
-   r.code_sequence    = account_sequence.code_sequence;
-   r.abi_sequence     = account_sequence.abi_sequence;
+   r.code_sequence    = account_sequence.code_sequence; // could be modified by action execution above
+   r.abi_sequence     = account_sequence.abi_sequence;  // could be modified by action execution above
 
    for( const auto& auth : act.authorization ) {
       r.auth_sequence[auth.actor] = next_auth_sequence( auth.actor );
    }
 
-   action_trace t(r);
-   t.trx_id = trx_context.id;
-   t.block_num = control.pending_block_state()->block_num;
-   t.block_time = control.pending_block_time();
-   t.producer_block_id = control.pending_producer_block_id();
-   t.account_ram_deltas = std::move( _account_ram_deltas );
-   _account_ram_deltas.clear();
-   t.act = act;
-   t.context_free = context_free;
-   t.console = _pending_console_output.str();
+   trace.receipt = r;
 
    trx_context.executed.emplace_back( move(r) );
 
+   finalize_trace( trace, start );
+
    if ( control.contracts_console() ) {
-      print_debug(receiver, t);
+      print_debug(receiver, trace);
    }
+}
+
+void apply_context::finalize_trace( action_trace& trace, const fc::time_point& start )
+{
+   trace.account_ram_deltas = std::move( _account_ram_deltas );
+   _account_ram_deltas.clear();
 
+   trace.console = _pending_console_output.str();
    reset_console();
 
-   t.elapsed = fc::time_point::now() - start;
-   return t;
+   trace.elapsed = fc::time_point::now() - start;
 }
 
-void apply_context::exec()
+void apply_context::exec( action_trace& trace )
 {
    _notified.push_back(receiver);
-   trace = exec_one();
+   exec_one( trace );
    for( uint32_t i = 1; i < _notified.size(); ++i ) {
       receiver = _notified[i];
-      trace.inline_traces.emplace_back( exec_one() );
+      trace.inline_traces.emplace_back( );
+      exec_one( trace.inline_traces.back() );
    }
 
    if( _cfa_inline_actions.size() > 0 || _inline_actions.size() > 0 ) {
diff --git a/libraries/chain/include/eosio/chain/apply_context.hpp b/libraries/chain/include/eosio/chain/apply_context.hpp
index 70fb198b1e7..a253d950358 100644
--- a/libraries/chain/include/eosio/chain/apply_context.hpp
+++ b/libraries/chain/include/eosio/chain/apply_context.hpp
@@ -472,8 +472,8 @@ class apply_context {
    /// Execution methods:
    public:
 
-      action_trace exec_one();
-      void exec();
+      void exec_one( action_trace& trace );
+      void exec( action_trace& trace );
       void execute_inline( action&& a );
       void execute_context_free_inline( action&& a );
       void schedule_deferred_transaction( const uint128_t& sender_id, account_name payer, transaction&& trx, bool replace_existing );
@@ -573,6 +573,7 @@ class apply_context {
       uint64_t next_auth_sequence( account_name actor );
 
       void add_ram_usage( account_name account, int64_t ram_delta );
+      void finalize_trace( action_trace& trace, const fc::time_point& start );
 
    private:
 
@@ -600,8 +601,6 @@ class apply_context {
       generic_index<index_double_object>                             idx_double;
       generic_index<index_long_double_object>                        idx_long_double;
 
-      action_trace                                trace;
-
    private:
 
       iterator_cache<key_value_object>    keyval_cache;
diff --git a/libraries/chain/include/eosio/chain/trace.hpp b/libraries/chain/include/eosio/chain/trace.hpp
index ad02baf5bac..03750bd512e 100644
--- a/libraries/chain/include/eosio/chain/trace.hpp
+++ b/libraries/chain/include/eosio/chain/trace.hpp
@@ -28,15 +28,14 @@ namespace eosio { namespace chain {
       action               act;
       bool                 context_free = false;
       fc::microseconds     elapsed;
-      uint64_t             cpu_usage = 0;
       string               console;
 
-      uint64_t             total_cpu_usage = 0; /// total of inline_traces[x].cpu_usage + cpu_usage
       transaction_id_type  trx_id; ///< the transaction that generated this action
       uint32_t             block_num = 0;
       block_timestamp_type block_time;
       fc::optional<block_id_type>     producer_block_id;
       flat_set<account_delta>         account_ram_deltas;
+      fc::optional<fc::exception>     except;
    };
 
    struct action_trace : public base_action_trace {
@@ -70,8 +69,8 @@ FC_REFLECT( eosio::chain::account_delta,
             (account)(delta) )
 
 FC_REFLECT( eosio::chain::base_action_trace,
-                    (receipt)(act)(context_free)(elapsed)(cpu_usage)(console)(total_cpu_usage)(trx_id)
-                    (block_num)(block_time)(producer_block_id)(account_ram_deltas) )
+                    (receipt)(act)(context_free)(elapsed)(console)(trx_id)
+                    (block_num)(block_time)(producer_block_id)(account_ram_deltas)(except) )
 
 FC_REFLECT_DERIVED( eosio::chain::action_trace,
                     (eosio::chain::base_action_trace), (inline_traces) )
diff --git a/libraries/chain/transaction_context.cpp b/libraries/chain/transaction_context.cpp
index 806ce5d3f8e..fd79a91703c 100644
--- a/libraries/chain/transaction_context.cpp
+++ b/libraries/chain/transaction_context.cpp
@@ -429,14 +429,7 @@ namespace eosio { namespace chain {
       acontext.context_free = context_free;
       acontext.receiver     = receiver;
 
-      try {
-         acontext.exec();
-      } catch( ... ) {
-         trace = move(acontext.trace);
-         throw;
-      }
-
-      trace = move(acontext.trace);
+      acontext.exec( trace );
    }
 
    void transaction_context::schedule_transaction() {