This patch is courtesy of OpenEmbedded, by Khem Raj <raj.khem@gmail.com>

http://cgit.openembedded.org/cgit.cgi/openembedded/commit/?id=b85b779688f0abc389e3c25d06b54de8b86385c1

Index: ltrace-0.5.3/Makefile.in
===================================================================
--- ltrace-0.5.3.orig/Makefile.in	2009-10-23 22:06:08.130304691 -0700
+++ ltrace-0.5.3/Makefile.in	2009-10-23 22:06:53.160369614 -0700
@@ -39,6 +39,8 @@ ltrace:		main.o libltrace.a
 libltrace.a: 	sysdeps/sysdep.o $(OBJ)
 		$(AR) rcv $@ $^
 
+$(OBJ):		sysdeps/sysdep.o
+
 sysdeps/sysdep.o: dummy
 		$(MAKE) -C sysdeps/$(OS)
 
