Float Escapes its Parent's Content-Edge When Parent is Relatively Positioned

In the text below, an image is floated with float: left. In Mac IE, it is positioned above it's parent, but it should not be.

The w3c float specification specification states:

A floating element's top may not be higher than the inner top of its parent.

Floated element positioned doen not account for top of parent element.

The image is offset by -20px. It should be positioned within its containing block.

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