incredibly bad advice! LEAVE THE ENABLE GAMMA CORRECTION LUT ENABLED!
then realize that, going the other way - from photoshop to 3ds max - you have to convert the color R G or B values.
you can reverse it too.
the forumula for correcting gamma for R G or B values is this: 255*((old/255)^2.2)
so "old" is the number from photoshop.
you can see in my screen shot that
199 converts to 147.78 (in 3ds max type in 148)
155 converts to 85.28 (in 3ds max type in 85)
122 converts to 50.36 (in 3ds max type in 50)
you just round up or down
i created a excel spreadsheet (open office calc will do it too and it's free) see attached screen shot.
this is how i set a color in photoshop or match a color from photoshop to 3ds max.
also know that when you render in max, save the image as a 16bit Tiff file or 8 bit jpg file - but when you open it in photoshop, have photoshop assign sRGB color profile to it - because that's what most render engine approximate unless you specify something beyond that. - note this does not necessarily apply to HDR images saved from 3ds max.
i've included another screen shot that shows you what to do with photoshop color settings - so that it prompts you to take action when you open an image that has no embedded profile (aka a render from 3ds max) or when there is a profile mis-match. generally you want PS to have a working space of sRGB unless you're into photographs or something else that specifically works in another color space like aRGB.
in PS - you can use relative colormetric or perceptual for Conversion Options Intent. I happen to have mine set to perceptual for now.
3ds Max all versions past and present | GPU Rendering on 2 machines | Standard, MentalRay, MentalRay IRAY, IRAY+, VRAY, Arnold