Hi,
Well, this is the most strange bug that i've ever seen in Max.
It's a bug with the tiling process, possibly some approximation error in the algorithm. The bottom line of the texture is replicated at top of the image, i'm not sure why... perhaps this only happens with some specific texture dimensions, as 600 pixels.
To fix it, use a lower value for V tiling (for both, texture and opacity), as 0,99