diff --git a/spec/operators/last-spec.js b/spec/operators/last-spec.js
index f28c787b61..2fc0c759a6 100644
--- a/spec/operators/last-spec.js
+++ b/spec/operators/last-spec.js
@@ -1,5 +1,6 @@
 /* globals describe, it, expect, expectObservable, hot, cold */
 var Rx = require('../../dist/cjs/Rx');
+var Observable = Rx.Observable;
 
 describe('Observable.prototype.last()', function(){
   it('should take the last value of an observable', function(){
@@ -8,14 +9,20 @@ describe('Observable.prototype.last()', function(){
     expectObservable(e1.last()).toBe(expected)
   });
   
-  it('should error on empty', function() {
+  it('should error on nothing sent but completed', function() {
     var e1 = hot('--a--^----|');
     var expected =    '-----#';
     expectObservable(e1.last()).toBe(expected, null, new Rx.EmptyError());
   });
   
+  it('should error on empty', function (){
+    var e1 = Observable.empty()
+    var expected = '#';
+    expectObservable(e1.last()).toBe(expected, null, new Rx.EmptyError());
+  });
+  
   it('should go on forever on never', function() {
-    var e2 = hot('--^---');
+    var e2 = Observable.never();
     var expected = '----';
     expectObservable(e2.last()).toBe(expected);
   });
@@ -30,4 +37,28 @@ describe('Observable.prototype.last()', function(){
     
     expectObservable(e1.last(predicate)).toBe(expected);
   });
+  
+  it('should return a default value if no element found', function() {
+    var e1 = Observable.empty();
+    var expected = '(a|)';
+    expectObservable(e1.last(null, null, null, 'a')).toBe(expected);
+  });
+  
+  it('should not return default value if an element is found', function (){
+    var e1 = hot('--a---^---b---c---d---|');
+    var expected =     '----------------(d|)';
+    expectObservable(e1.last(null, null, null, 'x')).toBe(expected);
+  });
+  
+  it('should support a result selector argument', function() {
+    var e1 = hot('--a--^---b---c---d---e--|');
+    var expected =    '-------------------(x|)';
+    var predicate = function (x){ return x === 'c'; };
+    var resultSelector = function(x, i) {
+      expect(i).toBe(1);
+      expect(x).toBe('c');
+      return 'x';
+    };
+    expectObservable(e1.last(predicate, resultSelector)).toBe(expected);
+  });
 });
\ No newline at end of file
diff --git a/src/CoreOperators.ts b/src/CoreOperators.ts
index 574a1cfc00..52b605103b 100644
--- a/src/CoreOperators.ts
+++ b/src/CoreOperators.ts
@@ -32,7 +32,7 @@ export interface CoreOperators<T> {
   groupBy?: <T, R>(keySelector: (value:T) => string, durationSelector?: (group:GroupSubject<R>) => Observable<any>, elementSelector?: (value:T) => R) => Observable<R>;
   ignoreElements?: () => Observable<T>;
   isEmpty?: () => Observable<boolean>;
-  last?: (predicate?: (value: T, index:number) => boolean, thisArg?: any, defaultValue?: any) => Observable<T>;
+  last?: <R>(predicate?: (value: T, index:number) => boolean, resultSelector?: (value: T, index: number) => R, thisArg?: any, defaultValue?: any) => Observable<T>;
   map?: <T, R>(project: (x: T, ix?: number) => R, thisArg?: any) => Observable<R>;
   mapTo?: <R>(value: R) => Observable<R>;
   materialize?: () => Observable<any>;
diff --git a/src/operators/last.ts b/src/operators/last.ts
index 51282c9047..c75d6891e3 100644
--- a/src/operators/last.ts
+++ b/src/operators/last.ts
@@ -8,27 +8,30 @@ import {errorObject} from '../util/errorObject';
 import bindCallback from '../util/bindCallback';
 import EmptyError from '../util/EmptyError';
 
-export default function last<T>(predicate?: (value: T, index: number, source:Observable<T>) => boolean, thisArg?: any, defaultValue?: any) : Observable<T> {
-  return this.lift(new LastOperator(predicate, thisArg, defaultValue, this));
+export default function last<T, R>(predicate?: (value: T, index: number, source:Observable<T>) => boolean, resultSelector?: (value: T, index: number) => R, thisArg?: any, defaultValue?: any) : Observable<R> {
+  return this.lift(new LastOperator(predicate, resultSelector, thisArg, defaultValue, this));
 }
 
 class LastOperator<T, R> implements Operator<T, R> {
-  constructor(private predicate?: (value: T, index: number, source:Observable<T>) => boolean, private thisArg?: any, private defaultValue?: any, private source?: Observable<T>) {
+  constructor(private predicate?: (value: T, index: number, source:Observable<T>) => boolean, 
+              private resultSelector?: (value: T, index: number) => R,
+              private thisArg?: any, private defaultValue?: any, private source?: Observable<T>) {
     
   }
   
   call(observer: Subscriber<R>): Subscriber<T> {
-    return new LastSubscriber(observer, this.predicate, this.thisArg, this.defaultValue, this.source);
+    return new LastSubscriber(observer, this.predicate, this.resultSelector, this.thisArg, this.defaultValue, this.source);
   }
 }
 
-class LastSubscriber<T> extends Subscriber<T> {
+class LastSubscriber<T, R> extends Subscriber<T> {
   private lastValue: T;
   private hasValue: boolean = false;
   private predicate: Function;
   private index: number = 0;
   
   constructor(destination: Observer<T>, predicate?: (value: T, index: number, source: Observable<T>) => boolean, 
+    private resultSelector?: (value: T, index: number) => R,
     private thisArg?: any, private defaultValue?: any, private source?: Observable<T>) {
     super(destination);
     if(typeof defaultValue !== 'undefined') {
@@ -40,13 +43,25 @@ class LastSubscriber<T> extends Subscriber<T> {
     }
   }
   
-  _next(value: T) {
-    const predicate = this.predicate;
+  _next(value: any) {
+    const { predicate, resultSelector, destination } = this;
+    const index = this.index++;
+    
     if(predicate) {
-      let result = tryCatch(predicate)(value, this.index++, this.source);
-      if(result === errorObject) {
-        this.destination.error(result.e);
-      } else if (result) {
+      let found = tryCatch(predicate)(value, index, this.source);
+      if(found === errorObject) {
+        destination.error(errorObject.e);
+        return;
+      }
+    
+      if(found) {
+        if(resultSelector) {
+          value = tryCatch(resultSelector)(value, index);
+          if(value === errorObject) {
+            destination.error(errorObject.e);
+            return;
+          }
+        }
         this.lastValue = value;
         this.hasValue = true;
       }