Oh maybe because you're using the old Displace modifier? Which renderer are you targeting in Max? If you're using V-Ray, it's better to use the VRayDisplacementMod modifier.
Unfortunately same case with VRayDisplacementMod: Here is 16 bit TIFF Here is 32 bit EXR I am not targeting to use renderers in max. In that case i just tried to learn how to bake clean displacement maps, to use them as sculpting tool for Zbrush for example. And i made a simple scene with a "Reference Deformed Sphere" with…