Executing Macro Functions from Macro Variables. Impossible?

[Astounding]

Having read this question for a third time, I'm still stumped.  Why is this code neat and easy to read:

        create table Test2 as
        select
        1 as A
        ,2 as B
        &AA. ,3 as C &BB.
        from Test
    ;quit;

Yet this code isn't?

        create table Test2 as
        select
        1 as A
        ,2 as B
        %AA ,3 as C %BB
        from Test
    ;quit;

Or even better yet:

        create table Test2 as
        select
        1 as A
        ,2 as B
        %Debt3m ,3 as C %latest_wod
        from Test
    ;quit;

What am I missing?

[TomekO]

So I could use %AA to have the If then code instead of &AA.?