emacs kill limited to 64K across frames (copy-region-as-kill / yank)

I just realized that cutting and pasting more than 64K bytes does not work in emacs 24.1.1

... if I cut in one frame and paste (yank) in a different frame

It is truncated at 64K.

It works if I cut and paste in the same frame.

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I have encountered this bug when cutting and pasting from emacs to X.  Not sure if it is related here.