Moving the time zone forward causes the last event in the month to display incorrectly

I've been running into a few issues with regards to time zones and how events map on the calendar. The most obvious issue is that moving a site's time zone forward will cause the last event of the month to jump into the next month and span across all days of that month.

The attached screenshot shows a daily repeat where the last event of the previous month is spanning across all days of the current month. Notice also that the actualy event for the 31st is missing, as it also jumped into the next month.

Notice that this only happens when the time zone shifts greater than 12 hours (or something roughly in that range). This screenshot was based on moving the site's time zone from -6 to +10.

I imagine that this issue might also happen when two users are viewing the same events if they have their personal time zones set to -6 and +10.