longer PHONY targets causes failure to fire other target

[Larry Evans]

The attached Makefile, when invoked as follows:

  make show_bug

produces output:

--{--make show_bug output--
make -v
GNU Make 3.81
Copyright (C) 2006  Free Software Foundation, Inc.
This is free software; see the source for copying conditions.
There is NO warranty; not even for MERCHANTABILITY or FITNESS FOR A
PARTICULAR PURPOSE.

This program built for x86_64-pc-linux-gnu
***YES EXPECTED:
make result
make[1]: Entering directory
`/home/evansl/prog_dev/gmake.test/bugs/PHONYlong'
compile bin/part2/chapter08/XfaMovie.class
run results/part2/chapter08/XfaMovie.result
make[1]: Leaving directory `/home/evansl/prog_dev/gmake.test/bugs/PHONYlong'
***NOT EXPECTED:
make result dophony=yes
make[1]: Entering directory
`/home/evansl/prog_dev/gmake.test/bugs/PHONYlong'
make[1]: Nothing to be done for `result'.
make[1]: Leaving directory `/home/evansl/prog_dev/gmake.test/bugs/PHONYlong'
***YES EXPECTED:
make result dophony=yes nopre=yes
make[1]: Entering directory
`/home/evansl/prog_dev/gmake.test/bugs/PHONYlong'
compile bin/part2/chapter08/XfaMovie.class
run results/part2/chapter08/XfaMovie.result
make[1]: Leaving directory `/home/evansl/prog_dev/gmake.test/bugs/PHONYlong'
--}--make show_bug output--

The above about suggests gnu make has some problem when the
length of the .PHONY args is over some length.
Is this a bug, or am I missing something?

TIA.

-Larry

Makefile
Description: Text document