max 2011 design
Transparency is not working in the viewports where multiple (>1) objects are visually overlapping (one in front of the other) and where one or more of the objects has been XREFfed into the master scene.
To recreate:
1) new max scene
2) create a "window" (box) with A&D glass material (solid preset). position it at 0,0,0
3) save as A.max
4) new max scene
5) create a "window" (box) with A&D glass material (solid preset). position it at 0,1,0 (or slightly away from the one from A.max
6) save as B.max
7) open A.max and reference in scene B.max
😎 observe that transparency is no longer working in the viewports. one or both objects may be totally invisible in the viewports.
9) isolate the window object in A (the only object you can select, as it's not referenced in). you will see that transparency returns correctly in the viewport
10) come out of isolation and see that transparency is, again, not working properly.
11) merge B.max into A.max
12) observe that transparency is now working fine
I've reported it.